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.
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. If you are already a member of the FedPayments Improvement Community please enter your email address here to receive an email listing your current information on file with the option to modify your preferences.