Fed Releases Faster Payments Progress Report

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One step closer to faster payments. Photo: Shutterstock

One year after creating the Faster Payments Task Force, the Fed has released its first official progress report.

And according to the Fed, it’s been a good year, one in which the task force made “substantial progress on each of the identified strategies for Improving the US payment system.”

You can check out the Fed’s key strategies here.

“This was an open collaborative effort with the entire industry,” Ryan Zagone said.

Ryan is Ripple’s Director of Regulatory Relations and was elected to the Task Force steering committee last June.

Federal Reserve Board Governor Jerome H. Powell, who co-chairs the initiative’s oversight committee, echoed Ryan’s sentiments in the Fed announcement: “Our progress this past year is a consequence of the engagement and commitment of a diverse group of payment system stakeholders. Their ongoing collaboration will be essential in creating a payment system that offers greater speed, security and efficiency.”

In the context of faster payments, the Fed presented three deliverables:

  1. Faster Payments Effectiveness Criteria—grouped into six categories: ubiquity, efficiency, safety and security, speed, legal and governance.
  2. Decision-Making Framework and Glossary of Terms—a methodology for gaining task force approval.
  3. Capability Showcase—initiative to create awareness of marketplace solutions.

See the Fed’s full progress report here.