Recommendation 5: Enhance Federal Reserve settlement mechanisms to support the faster payments system.
The Faster Payments Task Force asks the Federal Reserve to develop a 24x7x365 settlement service that supports the needs of faster payments solutions and considers ways to broaden access to its settlement services within the bounds of its mandate.
The task force asks the Federal Reserve to determine the optimal design of, and implement, a settlement service to support the needs of faster payments solutions. The task force believes that broader access to its settlement services will level the playing field and enhance competition among providers of faster payments services.
The task force recognizes that the Federal Reserve will need to assess policy implications and abide by policy criteria when considering any operational role, including implementation of both the settlement and access elements of this recommendation.
The task force recommends that the Federal Reserve commence work on developing a 24x7x365 settlement service immediately following the publication of the Final Report.