Payments News

As Faster Payments Draw Near, the Fed Disbands Its Secure Payments Task Force

Mar 02, 2018

The Federal Reserve announced Thursday it is shutting down its Secure Payments Task Force this month. The Fed invited its more than 200 members, made up of payments executives from across the financial-services industry, to work with its FedPayments Improvement Community. Members may also participate in “new collaborative industry work groups” the Fed expects to form later this year, the banking regulator said.

The secure-payments work group was formed in June 2015 and met in parallel with the Fed’s Faster Payments Task Force to hammer out criteria for real-time payments in the United States. That effort culminated last summer in evaluations of some 16 faster-payments systems available or under development. At the time, the Fed issued a call for widely available real-time or near-real-time payments by 2020.

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