The Federal Reserve today released a status update on its “faster payments” initiative, reporting progress on five key strategies: stakeholder engagement, faster payments, payment security, payment efficiency and enhanced Fed services. The report documents actions taken by the Fed’s Faster Payments Task Force and Secure Payments Task Force. A final report with recommendations on faster payments is due in mid-2017.
The American Bankers Association has taken a leadership role with the faster payments initiative. Seventy-one of the 80 bankers on the Faster Payments Task Force represent ABA member banks, as do 36 of the 46 bankers on the Fed’s Secure Payments Task Force. All 10 bankers on the two task forces’ steering committees are ABA members. For more information, contact ABA’s Steve Kenneally.