US push ahead with faster payments initiative

The U.S. Federal Reserve has restated its commitment to push for development of a faster payments system, with the Fed’s financial services policy committee saying officials will prepare and share a road map for improvements “in the coming months.”

A Minneapolis representative says the Fed aims to publish the road map before the end

US Federal Reserve pushes ahead with Faster Payments planning

of the year. The regional Fed banks have been striving to foster buy-in for a near-real time faster payments processing system for more than a year, and last fall they released a white paper outlining a decade-long timeline for bringing that goal to fruition.

In the latest announcement, the financial services policy committee says it has concluded research on the need for faster retail payments and on several other subjects associated with improving the US payment system.

Committee chair Narayana Kocherlakota says the Federal Reserve System’s staff and leadership are diligently engaged in developing a plan for such improvement. He also says the Fed anticipates “ongoing collaboration with stakeholders this year and beyond to improve the ability of the US payment system to meet evolving end-user needs for speed, efficiency and security.”

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