In an event streamed live to the industry last Friday, July 21st, the Federal Reserve’s Faster Payments Task Force released its Final Report Part Two: A Call to Action.
The Final Report represents the collective thought and effort of 300-plus individuals (including ATMIA) from all corners of the payments industry. With this report, the task force issues a call to action to all payments stakeholders to:
- Embrace and promote the vision and the Effectiveness Criteria;
- Actively participate in the ongoing dialogue;
- Contribute to work group efforts and deliverables; and
- Take steps to make your own organization faster payments ready by 2020.
ATMIA raised the question in a recent newsletter of “Are faster payments the ATM rails of the future?” The availability of these new real-time payment solutions could make possible ATM withdrawals and payment transactions without the use of a branded debit card. Which could also translate to new opportunities for financial inclusion for the unbanked and underbanked. Of the 16 proposals being addressed in the final report, many provide system access outside of traditional DDA accounts.
The Final Report Part Two can be downloaded in its entirety by clicking on the button below. For more information about ATMIA’s participation in the Faster Payments Task Force over the past two years, contact US Executive Director, David Tente.