Our Process

With facilitation support from the Federal Reserve, the task force participates in the development of the project plan, process, work products, and key decisions through face-to-face meetings, teleconferences, segment calls, webinars, surveys and other tools designed to gather perspectives and positions.

To address the challenges inherent in collective decision making among multiple stakeholder groups, the task force established a Decision-Making Framework to ensure all views were captured on key decisions and work products.

Phases of Task Force Work

The figure below shows the major phases of task force work necessary to identify and assess faster payments solution proposals and suggest ways to move toward implementation and adoption of faster payments capabilities across the payment industry.

Phases of Task Force Work

Effectiveness Criteria:

Task force identifies optimal attributes of faster payments solutions.

Capability Showcase:

Showcase enables a forum for providers to highlight areas of expertise, foster opportunities to link capabilities and potentially partner on proposals.

Solution Proposals:

Proposers submit solutions to be evaluated against Effectiveness Criteria.

Qualified Independent Assessment:

Qualified Independent Assessment Team (QIAT) conducts thorough assessment of each proposal against effectiveness criteria. A task force advisory group oversees proposal assessment strategy, and the task force provides commentary on proposals and assessments.

Challenges and Opportunities:

Task force identifies potential gaps, challenges and opportunities that might inhibit progress forward implementing faster payments solutions. After analyzing these challenges and opportunities, the task force proposes recommendations and next steps for the industry to move forward with implementation.

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