In late July, a Federal Reserve task force asked to make faster payment solutions available for all consumers and businesses from the U.S. Financial System. Check out some of the latest updates from this request, below.
The Federal Reserve Faster Payments Task Force issued a final report that recommended a framework for rules, standards and systems, and a streamlined, all-encompassing payment system that keeps pace with technological development.
The report recommends that the Fed work with regulators to evaluate how laws will apply to emerging payment technologies, implement a faster payment settlement service and play an operational role in supporting the process in its entirety.
Additionally, it recommends increased awareness and security for end users and service providers, as well as ongoing research on functionality and emerging technologies in order to establish faster payments framework, rules and standards throughout the U.S. financial system.
Following the final report, an interim working group will facilitate collaboration and implementation of the task force’s recommendations.
Steve Kenneally, a task force member and vice president of the American Banking Association, was enthusiastic that the task force’s recommendations will lead to a more robust and efficient payment system.