Final Report Part One: The Faster Payments Task Force Approach
Thursday, January 26, 2017
It is my pleasure to announce the release of the Final Report Part One: The Faster Payments Task Force Approach from the Faster Payments Task Force. As you know from our multiple posts, NEACH has been very involved in the work of both the Faster Payments and Security Task Forces of the Federal Reserve, both of which were developed in response to the Federal Reserve’s 2015 paper: Strategies for Improving the U.S. Payments System.
As a direct participant of the Faster Payments Task Force, I can truly say the work has been challenging, enlightening and productive. The publishing of today’s Part One of a two-part final report, provides a high-level overview of the task force’s background and processes, the payments landscape, and the benefits of faster payments. This document is a nice warm up for Part Two, due out in June 2017.
The Security Task Force has also worked on several key initiatives, including defining guiding principles for protecting sensitive data and mapping existing identity management practices in end-to-end payment flows in order to identify opportunities for improvement.
Additionally, the Federal Reserve released their updated Progress Report for January 2017, which reviews the progress and updates to the Fed's Strategies for Improving the U.S. Payment System.
I encourage you to read both the press release and the Final Report Part One: The Faster Payments Task Force Approach. There will be a Faster Payments Track at the 2017 Payments Management Conference this spring and continued updates from the Task Forces on our Pacing Payments website.
I welcome your questions and comments. Be aware, however; much of the current work of the Task Force must remain confidential until the publication of Part Two.