The Federal Reserve has announced two new task forces to address ways to improve the US payments system.
The Faster Payments Task Force and Secure Payments Task Force are open to all interested stakeholders with relevant payments knowledge and experience who can commit the required time and resources to these key initiatives.
“We are looking for a committed and diverse membership to help ensure the perspectives of all U.S. payment system participants are considered and task force outcomes are in the public interest. We welcome participation from all stakeholder segments such as financial institutions of all sizes, technology service providers, payment network operators, business end users and consumer end users,” the Fed said in its announcement.
“If you choose to participate on the Faster Payments Task Force, your objective will be to identify and evaluate alternative approaches for implementing safe, ubiquitous, faster payment capabilities in the United States. As a participant on the Secure Payments Task Force, you will advise the Federal Reserve on payment security matters, consult on security aspects of the Faster Payments Task Force work, and help determine areas of focus and priorities for future action to advance payment system safety, security and resiliency. You can expect to attend quarterly in-person meetings, periodic teleconferences and, if you volunteer for a work group, additional time in both in-person and teleconference meetings.”
For additional information about the task forces, including charters, participation agreements and registration forms, visit the Get Involved page on FedPaymentsImprovement.org. For the Faster Payments Task Force meeting, registration must be received by April 17. The registration deadline for participation in the first Secure Payments Task Force meeting is May 15. Registration is a two-step process including an online registration form and the Fed’s review and receipt of a signed participation agreement.
