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Federal Reserve Payments Improvement Update

Discover the importance of fast payments in the evolving landscape and how it ensures secure, real-time fund availability. Explore the key milestones, implications, and resources to improve payment systems.

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Federal Reserve Payments Improvement Update

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  1. Federal Reserve Payments Improvement Update Terri Bradford Payments System Research Specialist

  2. Payments Ecosystem in the U.S.

  3. Alternative/Emerging Payments

  4. Real-time Payments–A Global Trend*

  5. Strategies for the U.S. Payment System Focuses on Speed, Efficiency, and Safety from End-to-End

  6. Faster Payment: Definition Committee on Payments and Market Infrastructures – a subcommittee of the Bank for International Settlements. Published a paper in November 2016 titled, Fast payments – Enhancing the speed and availability of retail payments: • “Fast payment” is defined as a payment in which the transmission of the payment message and the availability of “final” funds to the payee occur in real time or near-real time on as near to a 24-hour and seven-day (24/7) basisas is possible. • This definition adopts the perspective that a fast payment ensures a credit of final funds to the payee. For the purposes of this report, final funds are funds received such that the payee has unconditional and irrevocable access to them. This approach provides strong certainty of payment to the payee. • Further, the definition implies that other potentially rapid outcomes, such as an immediate notification to the payee of incoming funds that will only be accessible later, would not qualify as a fast payment. • In different jurisdictions, the terms used for fast payments may vary, although the underlying meaning could still be the same. Other common terms for these services are “instant”, “immediate”, “real time” or “faster” payments.

  7. Faster Payment Task Force Effectiveness Criteria

  8. Key Milestones

  9. Faster Payments Task Force Recommended Next Steps

  10. Implications and Considerations

  11. Resources • https://fedpaymentsimprovement.org/ • https://fedpaymentsimprovement.org/faster-payments/path-to-faster-payments/ • https://fasterpaymentstaskforce.org • https://fedpaymentsimprovement.org/faster-payments/faster-payments-governance/ • https://www.frbsurveys.org/se/3FD0ADC715D4700A

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