Call to Action

The United States stands on the verge of a transformation in how businesses and consumers make payments. Rapid technological innovation; demand for faster, smarter payments; and the impressive will of the industry have collided to create an unprecedented opportunity. The Faster Payments Task Force calls on all payment stakeholders to take action and be a part of this historic effort. Read this Final Report and embrace our plan and vision for secure, ubiquitous, faster payments by 2020.

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Vision Statement

The Faster Payments Task Force envisions a system where solutions both compete and interoperate to provide payment services that are faster, ubiquitous, broadly inclusive, safe, highly secure, and efficient.

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The U.S. Path to Faster Payments

The vision for creating a faster payments system in the U.S. was unveiled with the release of The U.S. Path to Faster Payments, Final Report Part Two: A Call to Action. In support of this release, a live online broadcast featured industry leaders from the Faster Payments Task Force discussing the task force’s final report and its 10 recommendations for developing and implementing a faster payments system in the United States.

Building a fast, safe and ubiquitous payments network in the U.S. has and will continue to take unprecedented collaboration from every sector of the payments industry. Let’s keep this impressive momentum going – be a part of this historic effort and show your interest and support. Find out how.

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Browse the Final Report

Meet the Task Force

This report represents the collective thought and effort of 300-plus individuals from all corners of the payments industry. Find out more about their unprecedented collaboration to develop the path to faster payments.

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Payment Landscape

An opportunity exists to create a faster payments system that better meets stakeholder demand. In this section, learn more about the rationale for pursuing faster payments, the payments landscape, and the benefits that a faster payments system can offer.

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Challenges and Opportunities

Achieving a faster payments system means fostering competition in a way that enables innovative solutions to enter the market. Learn about four key issues the task force believes must be addressed collaboratively for success.

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Goals and Recommendations

The task force believes ongoing collaboration is critical to developing a faster payments system in the United States and outlines 10 recommendations intended to address issues and gaps to implementing faster payments.

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Effectiveness Criteria and Solution Proposals

The task force created the Faster Payments Effectiveness Criteria as a guideline for effective solution design. See how 16 visionary proposals sought to address these criteria in their designs for fast, safe, ubiquitous payments in the United States.

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Goals and Recommendations

The task force recommends ongoing collaboration to develop a faster payments system in the United States, with work beginning in three key areas: Governance and Regulation, Infrastructure, and Sustainability and Evolution. Become familiar with the 10 recommendations that constitute The U.S. Path to Faster Payments.

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Meet the Task Force

Thank you to the task force participants, the proposers and the Federal Reserve, as the facilitator and guardian of this important effort, in completing this paper and the important information it provides in support of our payments future.
Barbara Gross, Bankers’ Bank, Small Financial Institutions
Nice job on including the perspectives and positions from a large, diverse group. It has been a pleasure to contribute to this process.
Deborah Phillips, Jack Henry, Non-Bank Providers
The team did a great job at pulling together the many differing opinions and reaching a conclusion that will help propel the U.S. payment system forward. While much work continues the team should be commended on the work completed to date.
John Drechny, Wal-Mart Stores, Inc., Business End Users
The Faster Payments Task Force, as a composite of industry leaders and stakeholders, has done a great job in this important first step. It has been a great experience being a part of the effort.
Dan M. Fisher, The Copper River Group, Other Industry Stakeholders