One year after releasing Strategies for Improving the U.S. Payment System (a multi-faceted plan to enhance payment system speed, efficiency, and security) the Fed has released a detailed report on their progress. Perhaps the most significant milestone is the unprecedented collaboration amongst payments system stakeholders including financial institutions, businesses and consumers.
To date, the initiative has resulted in 2 task forces comprised of a diverse group of over 500 industry participants. One is focused on faster payments and the other is focused on payment security. The task forces developed the Faster Payments Effectiveness Criteria which defines 36 desired attributes of a faster payment system and provides guidance for developing and assessing the effectiveness of potential solutions. In 2016, faster payment solution proposals will be assessed against these criteria and the results will be published in early 2017, along with a report on strategic issues, opportunities and barriers.
Other accomplishments include important work on standards, directories, and B2B payment improvements as well as new plans to standardize US wire transfer messaging systems and to implement widespread same-day ACH settlement.