Federal Reserve Progresses on Faster Payments

February 2, 2016

On Tuesday, February 2, 2016, the Federal Reserve released a progress report on its faster payments initiative. This report comes a little more than a year since the agency presented its paper on Strategies for Improving the U.S. Payment System. The Fed, along with its Faster Payments Taskforce and Secured Payments Taskforce, has finalized “Effectiveness Criteria” for faster payments aimed at providing market guidance on the Fed’s ideal benchmarks for faster payments submissions.

 

The report also notes the Fed has partnered with industry on plans to implement ISO 20022 for U.S. wire transfer systems, designed a technical proof of concept for a business-to-business directory, and advanced plans to implement same-day ACH.