Faster Payments Resource Center

Through unprecedented industry collaboration, the Faster Payments Task Force – a coalition including WesPay and more than 300 diverse payments industry stakeholders – is charting the course for the modernization of the U.S. payments system. The Task Force recently announced 10 recommendations that will set the standard for making payments faster and more accessible to everyone. These recommendations focus on three key areas – governance and regulation, infrastructure, and sustainability and evolution – and call upon the entire payments industry to continue collaborating to establish a ubiquitous way for people and institutions to make and receive payments. Additionally, they highlighted the 16 faster solution proposals that were assessed against the Task Force’s Effectiveness Criteria and discussed how they represent a significant step forward in innovation towards making the U.S. payment system faster and safer. Read the Task Force’s Final Report in the PDF below.

In February of 2016, the Task Force published a comprehensive Effectiveness Criteria as a description of stakeholder needs that can be used to assess faster payments solutions and as a guide for innovation in the payments industry. The document defines 36 effectiveness criteria grouped into the following six categories: Ubiquity, Efficiency, Safety and Security, Speed (Fast), Legal, and Governance (see PDF). Each criterion is described through a summary definition and additional considerations that elaborate on desired attributes. For purposes of assessing faster payments solutions, an effectiveness scale is established for each criterion. We provide an example of a Ubiquity criterion, complete with an explanation about the components of each criterion (see PDF). Should you have any questions about the terminology used, please consult the Glossary of Terms, which provides the foundation for a common lexicon.

Since 2015, WesPay’s CEO, William Schoch, has been a part of the Task Force, dedicating resources and expertise to this historic effort and contributing to improving the U.S. payment system. While there remains much to do in order to make faster payments a reality, The U.S. Path to Faster Payments, Final Report Part Two: A Call to Action brings us that much closer.

Faster Payments Effectiveness Criteria

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Faster Payments Glossary of Terms

View Glossary

 

7/26/17 Webinar: Preparing FIs for Faster Payments

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The U.S. Path to Faster Payments: Final Report

Part 1 Part 2

 

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Faster Payments Workshops

TitleStart DateCityST
Faster Fridays: Faster Payments Strategy and Use Cases5/11/2018  182TFF05
Faster Payments6/6/2018AuroraCO182CFPDEN
Faster Payments6/6/2018Los AngelesCA182CFPLA
Faster Payments6/7/2018AnchorageAK182CFPANC
Faster Payments6/7/2018LivermoreCA182CFPPLE
Faster Payments6/20/2018MeridianID182CFPBOI
Faster Payments6/20/2018SeattleWA182CFPSEA
Faster Payments6/21/2018Las VegasNV182CFPLV
Faster Payments6/27/2018PhoenixAZ182CFPPHX
Faster Payments6/27/2018PortlandOR182CFPPOR
Faster Payments7/11/2018AlbuquerqueNM183CFPALB
Faster Payments7/18/2018Salt Lake CityUT183CFPSLC
Faster Fridays: Faster Payments Risk8/17/2018  183TFF08
Faster Fridays: Faster Payments Strategy and Use Cases9/7/2018  183TFF09
Faster Fridays: Faster Payments Risk12/7/2018  184TFF12