Fed Reports on Faster Payments Progress

January 26, 2017

On Thursday, January 26, 2017, the Federal Reserve released a report summarizing its progress to date on promoting a faster payments system in the United States. In pursuit of its goal, the Fed established in 2015, two industry stakeholder task forces – one on faster payments and another on secure payments. As recounted in a separate report, the Faster Payments Task Force has developed “effectiveness criteria” on a range of dimensions to evaluate 22 faster payments solution proposals submitted by industry participants. This task force will continue its evaluation of proposal submissions and issue a second report in mid-2017 outlining recommendations for industry to take action. In 2016, the Secure Payments Task Force expects publish a framework for protecting sensitive payment data, standardizing fraud and risk data, and improving payment identity management practices.