The Faster Payments Task Force (task force) is a broad and inclusive group of stakeholders with representatives from organizations across the payments community, including financial institutions, nonbank payment providers, businesses (merchants and corporates), consumer groups, federal and state government agencies, regulators, standards bodies, industry trade organizations, consultants, and academics. Acting as a catalyst, the Federal Reserve convened these payments stakeholders to work collaboratively to identify and assess alternative approaches to implementing safe, ubiquitous, faster payments capabilities in the United States. The task force has concluded its work of reviewing faster payments solution proposals, considering challenges and opportunities associated with advancing faster payments in the United States, developing recommendations, and issuing a call to action to the payments community. This Faster Payments Task Force Final Report Part Two presents a roadmap for achieving safe, ubiquitous, faster payments that encourages competition among a variety of solutions, as opposed to endorsing a single approach. It provides insights from the proposals, considers foundational issues requiring collaborative action, and recommends measures necessary for achieving a faster payments system.
Part One can be found here.