Engage

In order to fulfill the vision laid out in the Final Report, the Faster Payments Task Force recommends ongoing collaboration and commitment. With the report, the task force issued a call to action to all payments stakeholders. Whether you are an end user or a financial services innovator, and whether you have participated in the effort to date or not, the Faster Payments Task Force  calls on all of you to come together to make this faster payments vision a reality. Engage in the next phase of this ground-breaking work.

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How to Engage

The task force believes that implementing the 10 recommendations in the Final Report will lead to a payment system in the United States that is fast, ubiquitous, broadly inclusive, safe, highly secure, and efficient by 2020. In order to achieve this, the task force calls upon stakeholders to engage in and support the following:

  • Governance Framework
    A critical first step is establishing a governance framework (Recommendation 1) that will ultimately have responsibility for implementing many of the remaining recommendations. This work has already begun with the formation of a Governance Framework Formation Team (GFFT), which will draft and publish a proposal for a governance framework to guide development of the faster payments ecosystem. Prior to finalizing its proposal for a framework, the GFFT will solicit public comment on its proposal and urges all stakeholders to review this important work and share views on its effectiveness.
  • Informal Work Groups
    The task force requested that groundwork also begin on rules, standards, and baseline requirements (Recommendation 2); applicable regulatory requirements (Recommendation 3); and directory design to facilitate interoperability (Recommendation 4).

Consider being a part of this historic effort by filling out the contact form below.

Join the FedPayments Improvement Community

The FedPayments Improvement Community was established to provide opportunities for all stakeholders to engage in its full portfolio of payments improvement initiatives. As a part of the FedPayments Improvement Community, you will be able to tailor your engagement by indicating which initiatives and topics are of interest to you, and engaging when and how you wish. Specifically, you will have opportunities to participate in work groups as they are established, to provide feedback regarding work group and/or Fed-sponsored work efforts, and to attend online and in-person events.

The FedPayments Improvement Community will continue to be free and open to all interested stakeholders and represent a continuation of transparent, inclusive, and effective engagement.  Fill out the contact form below to stay informed and be amongst the first to hear about opportunities to engage in this historic effort.

Join the FedPayments Improvement Community


*By submitting the FedPayments Improvement Community form, you are agreeing to receive regular communications that keep you up to date on the latest payments improvement announcements and opportunities to further engage. This form can also be used to update your subscription preferences at any time.

Unsubscribe if you no longer wish to be a member of the FedPayments Improvement Community.

Previous Effectiveness Criteria and Solution Proposals
Next Support the Vision
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