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You will leave here with a better understanding of:• The Fed’s work on Strategies for Improving the U.S>
Payments System• What are “faster payments”?• Industry Initiatives in “faster payments”• The current landscape of payments security• Fed and industry collaboration to improve payments security
U.1 AccessibilityU.2 UsabilityU.3 PredictabilityU.4 Contextual Data CapabilityU.5 Cross-Border FunctionalityU.6 Multiple Use Cases
Speed (Fast)F.1 Fast ApprovalF.2 Fast ClearingF.3 Fast Availability of Good Funds to PayeeF.4 Fast Settlement among Depository Institutions and Regulated Non-bank Account ProvidersF.5 Prompt visibility of payment
status
EfficiencyE.1 Enables CompetitionE.2 Capability to enable value-
added servicesE.3 Implementation TimelineE.4 Payment Format StandardsE.5 ComprehensivenessE.6 Scalability and AdaptabilityE.7 Exceptions and Investigations
The Task Force VisionThe Faster Payments Task Force calls upon all stakeholders to seize this historic opportunity to realize the vision for a payment system in the U.S. that is faster, ubiquitous, broadly inclusive, safe, highly secure, and efficient by 2020.
We ask you to support this effort by:• Embracing and promoting the vision and the Effectiveness Criteria; • Actively participating in the ongoing dialogue; • Contributing to work group efforts and deliverables; and • Taking steps to make your own organization faster payments ready by
Governance and Regulation Infrastructure Sustainability and Evolution
1. Establish a faster payments governance framework
2. Recommend and establish faster payments rules, standards, and baseline requirements that support broad adoption; safety, integrity, and trust; and interoperability
3. Assess the payments regulatory landscape and recommend changes to the regulatory framework
4. Establish an inclusive directory work group to identify and recommend a directory design for solutions to interoperate in the faster payments system
5. Enhance Federal Reserve settlement mechanisms to support the faster payments system
6. Explore and assess the need for Federal Reserve operational role(s) in faster payments
7. Recommend, develop, and implement methods for fraud detection, reporting, and info sharing in faster payments
8. Develop cross‐solution education and advocacy programs aimed at awareness and adoption
9. Conduct research and analysis to address gaps in cross‐border functionality and interoperability
10. Continue research and analysis on emerging technologies
Two broad objectives:– Develop a faster payments governance framework that incorporates
public commentary, and– Establish the framework and membership
In developing the framework, the ICWG will define and implement:– The initial charter of the governance framework,– A representative and inclusive structure for membership, leadership
and voting rights,– Initial funding– Administrative support– Responsibilities and structures of any initial body(ies) and/or working
committees within the governance framework
The ICGW held its first meeting on July 17, 2017
Strategy 3: Payment SecurityReduce fraud risk and advance the safety, security and resiliency of the payment
Mission and Objectives of the Secure Payment Task Force
Provide a forum for stakeholders to advise the Fed in its leader/catalyst and operator roles on payment security matters, and identify and promote actions that can be taken
by payment system participants collectively and/or by the Federal Reserve System.
Determine Areas of focus for payment security and priorities for