The Federal Reserve established the Faster Payments Task Force in 2015 to support a broader effort to improve the speed, safety and efficiency of payments. WesPay’s CEO, William Schoch, serves on this task force along with 320 other payments leaders from across the industry to identify effective approaches for implementing faster payment capabilities in the United States.
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 (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 (PDF). Should you have any questions about the terminology used, please consult the Glossary of Terms, which provides the foundation for a common lexicon.