Faster Payments Task Force Final Report Part Two

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Faster payment task force recommendations
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  FASTER PAYMENTS TASK FORCE FASTER PAYMENTS TASK FORCE FINAL REPORT PART TWO: A CALL TO ACTION JULY 2017  ã PART 2  PREFACE1 PREFACE The Faster Payments Task Force (task force) is a broad and inclusive group of stakeholders with representatives from organizations across the payments community, including nancial institutions, nonbank payment providers, businesses (merchants and corporates), consumer groups, federal and state government agencies, regulators, standards bodies, industry trade organizations, consultants, and academics. Acting as a catalyst, the Federal Reserve convened these payments stakeholders to work collaboratively to identify and assess alternative approaches to implementing safe, ubiquitous, faster payments capabilities in the United States. The task force has concluded its work of reviewing faster payments solution proposals, considering challenges and opportunities associated with advancing faster payments in the United States, developing recommendations, and issuing a call to action to the payments community. This Faster Payments Task Force Final Report Part Two presents a roadmap for achieving safe, ubiquitous, faster payments that encourages competition among a variety of solutions, as opposed to endorsing a single approach. It provides insights from the proposals, considers foundational issues requiring collaborative action, and recommends measures necessary for achieving a faster payments system. While this report reects the broader task force’s analysis and collective views, the statements contained in this report do not necessarily reect specic positions of any given task force participant. This report is a product of the task force and does not reect the ocial views or positions of the Federal Reserve System.  TABLE OF CONTENTS2 TABLE OF CONTENTS The U.S. Path to Faster Payments, Final Report Part One: The Faster Payments Task Force Approach (LINK)Executive Summary: Call to Action ...........................................................3Background ..................................................................................................7Insights from Faster Payments Solution Proposals ................................9The Task Force Vision ................................................................................15Foundational Issues Requiring Ongoing Industry Collaboration ........16Goals and Recommendations ..................................................................29Detailed Recommendations ....................................................................35 Appendices .................................................................................................47  EXECUTIVE SUMMARY: CALL TO ACTION3 EXECUTIVE SUMMARY CALL TO ACTION  VISION The Faster Payments Task Force calls upon all stakeholders to seize this historic opportunity to realize the vision for a payment system in the United States that is faster, ubiquitous, broadly inclusive, safe, highly secure, and eicient by 2020. This report  provides the roadmap. The payment system is critical to the economic vitality and competitiveness of the United States and must continually evolve to meet the needs of an economy that is becoming more global, digitally-interconnected, real-time and information-driven. The Faster Payments Task Force (task force) believes the United States must leverage new technologies and new paradigms around speed, security and eciency to create a better payment system: one that is faster, ubiquitous, broadly inclusive, safe, highly secure, and ecient. This vision can be realized through collaboration among all stakeholders, including competing faster payments solution operators, payment service providers, end users, and others. Achieving the vision will be enabled by ubiquitous receipt – where all payment service providers are capable of receiving faster payments and making those funds available to customers in real time.In this report the term “faster payments system” refers to a payment system in which competing solutions interoperate to meet the Eectiveness  Criteria and deliver the envisioned characteristics noted above (see Box A for denitions of additional terms). This faster payments system can deliver broad benets to American consumers, businesses, and government agencies through enhanced security and fraud prevention, and seamless end-to-end payments. In addition, the envisioned faster payments system ultimately will address unmet needs for ecient cross-border payments and eective, accessible options for unbanked and underserved end users. Likewise, it will benet businesses and government agencies by delivering real-time, data-rich payments that enable straight-through transaction processing from the point of invoice generation to nal reconciliation. 1   1  In this report, “data-rich” refers to information about the underlying transaction(s) including information that supports accounting and reconciliation processes.
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