The U.S. Federal Reserve Board announced Tuesday that a pair of national task forces have started to review 19 specific proposals for enhancing the U.S. payment system.
The groups include representatives from financial institutions, consumer organizations, payment service providers, fintechs, government agencies, and others.
One of the task forces is focused on faster payments, and the other is looking at enhancing payment system security. The groups are expected to publish a two-part final report on the subject, with the first part scheduled for release in January 2017, and the second section to be delivered in mid-2017.
“The proposals will offer models of what an end-to-end faster payment system in the United States could look like and will show how each proposal measured up against the various effectiveness criteria,” the Fed says in a news release.
“The ultimate goal of the Faster Payments Task Force is to help payment system stakeholders implement faster payment capabilities that are safe and ubiquitous,” adds Gordon Werkema, payments strategy director at the Fed.