Recommendation 9: Conduct research and analysis to address gaps in cross–border functionality and interoperability.
The Faster Payments Task Force calls for research, analysis, and recommendations on baseline requirements that should be implemented to enable interoperability between faster payments solutions in the United States and faster payments solutions in other country jurisdictions.
The task force believes that research and analysis should be undertaken to advance understanding of the requirements for cross-border interoperability with various country jurisdictions. The areas of research and analysis could include differences in messaging standards, languages, character sets, mandatory data elements, party/account identifiers, regulatory and legal considerations, safety and security mechanisms, timing of settlement and funds availability, and uptake of underserved end users. The task force also encourages this research to consider the attributes described in the task force’s Effectiveness Criteria “Cross–border functionality” (U.5), which outline the expectations for faster payments solutions to enable convenient, cost–effective, timely, secure, and legal payments to and from other countries.
A research group within the governance framework (see Recommendation 1).
The task force recommends the research commence after the governance framework is established with timelines to be set by a body within the governance framework.