US Faster Payments taskforce unveils proposals
Written by Chris Lemmon
The US national Faster Payments taskforce has published a report summarising its accomplishments and plans for the US payments industry.
The report recommends the establishment of a formal governance framework for ongoing collaboration, the establishment of rules, standards and a baseline set of requirements for the Faster Payments system, and the evaluation of laws and regulations affecting payments and payment service providers to ensure that they are suited to real-time payments.
The report reads: “The Faster Payments Task Force believes the United States must leverage new technologies and new paradigms around speed, security and efficiency to create a better payment system: one that is faster, ubiquitous, broadly inclusive, safe, highly secure, and efficient. This vision can be realised through collaboration among all stakeholders, including competing faster payments solution operators, payment service providers, end users, and others.”
To encourage sustainability and evolution in the payments space, the task force recommends developing methods for fraud detection, reporting, and information sharing to continuously advance the safety and security of the faster payments system; Creating advocacy and education programs to support broad adoption; Researching cross-border payments to identify and address gaps and barriers to enabling faster payments for this use case; and continuing research on emerging technologies to deepen understanding of the risks they may pose as well as the benefits they may offer, including the potential for serving underserved end users and use cases.
The report continued: “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 efficient by 2020.”