WASHINGTON—The Federal Reserve Monday released details for participating in two task forces it has launched to look at ways to improve the U.S. payments system.
The Faster Payments Task Force and the Secure Payments Task Force are open to “all interested stakeholders with relevant payment knowledge and experience who can commit the required time and resources to these key initiatives,” stated the Fed in a release.
Participants on the Faster Payments Task Force will identify and evaluate alternative
approaches for implementing safe, ubiquitous, faster payment capabilities in the U.S. States. The Secure Payments Task Force will advise the Federal Reserve on payment security matters, consult on security aspects of the Faster Payments Task Force work, and help determine priorities for future action to advance payment system safety, security and resiliency.
“Diverse and committed membership will ensure a broad range of perspectives are
considered as we pursue improvements to the U.S. payment system,” said Esther George, president of the Federal Reserve Bank of Kansas City and executive sponsor of the effort. “We welcome and actively seek participation from the entire spectrum of payment system participants, including businesses and consumers.”
For additional information about the task forces, including charters, participation agreements and registration forms, visit the Get Involved page at FedPaymentsImprovement.org.
The Federal Reserve will host Task Force teleconferences on March 20 and March 31 to field questions from interested individuals. To register and submit advance questions for these sessions visit FedPaymentsImprovement.org.
To participate in the inaugural Faster Payments Task Force meeting, registration must be completed by April 17. The registration deadline for participation in the first Secure Payments Task Force meeting is May 15.