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Faster Payments Task Force

At the recent Mobile Payments Conference in Chicago, a panel featuring Bob Legters of FIS and Connie Theien from the Federal Reserve discussed the current state of the Faster Payments Task Force (FPTF).

Although it has been four years since the inception of the FPTF the initiative is very much alive and moving forward with proposals for implementation consideration. The challenges are plentiful including monetization – if payments are faster, float is less/none – so there is plenty of friction to overcome.

A key takeaway for me was that newer technologies such as blockchain are very much on the table, albeit unlikely in the short term. Any technology adopted must stand the test of time –  the potential impact is enormous and a disruption of global payments would be disasterous.

It is possible to join the FPTF and review the proposals – QA and review will be starting this month and continue throughout the end of the year.

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Faster Payments TaskForce Timeline

There is no fee to join the 300 companies strong task force, although an application to estabish relevance is required. You can find more information here