Removing Barriers Blog

Fed’s Faster Payment’s Task Force Issues Report
Posted January 26, 2017 by CUNA Advocacy

Today, the Federal Reserve’s Faster Payments Task Force released the first half of its final report, Final Report Part One: The Faster Payments Task Force Approach. The Faster Payments Task Force is tasked with identifying and evaluating alternative approaches to implementing safe, ubiquitous, faster payments capabilities in the U.S. 

The report details the current landscape and challenges regarding development of a faster payments system in the U.S. It also outlines the effectiveness criteria the Task Force developed to assess solution proposals. In mid-2017, part two of the of the final report will provide details of faster payments solutions that have been evaluated against the effectiveness criteria by a qualified independent assessment team. 

CUNA is an active member of the Federal Reserve’s Faster Payments Task Force as well as its Secure Payments Task Force.