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Same Day ACH, the fasterpayments initiative for banks and other financial institutions in the United States, seems to be popular. still has a long way to go and plenty of fasterpayment lessons to learn. still has a long way to go and plenty of fasterpayment lessons to learn. But the U.S. But the U.S.
Federal Reserve is turning heads for its attention to fasterpayments, but the Fed has recently announced yet another initiative in the payments innovation space. Last week, the Fed’s SecurePaymentsTaskForce called for comment from industry stakeholders about what challenges they face when it comes to paymentssecurity.
Kenneth Montgomery will chair the SecurePaymentsTaskForce, which is comprised of more than 200 industry stakeholders who are working on a fasterpayment system in the U.S.
He will lead the Fed’s initiative to address payments fraud risk and boost the security of payments in the U.S. The position means Montgomery will chair the SecurePaymentsTaskForce, one of several taskforces the Fed has formed to promote innovation and advancement in the industry.
With the financial services space shifting from a competitive nature to a collaborative spirit between traditional banks and emerging FinTechs, one major stakeholder in the payments industry has quietly been an integral part of this co-op: the Federal Reserve. payments system via fasterpayments.
financial players active in the payment infrastructure, is a government-backed mandate necessary to keep these various entities on the same page? That’s a question the Federal Reserve FasterPaymentsTaskForce is considering as it looks at ways to make U.S. fasterpayments safer and more efficient.
Through the collaborative efforts of those with backgrounds in payments and security, the Federal Reserve’s SecurePaymentsTaskForce has published “Payment Lifecycles and Security Profiles.”
“Through the strategies and tactics outlined in this next steps plan, the Federal Reserve will support continued industry momentum toward safe, ubiquitous, fasterpayments for our country.”. According to the Fed, payments must not only be faster, they must also be safe and ubiquitous.
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