July 21, 2017 – Today the Federal Reserve Faster Payments Task Force released its final report and recommendations to achieve faster payments in the United States.
The following statement is attributed to Brian Peters, Executive Director of Financial Innovation Now:
“The Fed staff and the Faster Payments Task Force participants deserve immense credit for the process and momentum channeled into today’s report and recommendations. FIN again calls on Congress to conduct oversight and require the Federal Reserve to ensure the availability of realtime payment networks for all Americans by 2020 and ensure such networks are affordable and secure. The United States is falling behind in modern payments infrastructure and we cannot afford further delay. The speed of money matters, especially when budgets are tight, as they are for the half of Americans who live paycheck to paycheck and small businesses that need constant cashflow to keep up with expenses and payroll. US payment delays put a drag on the economy and cause many Americans to instead turn to high-cost alternatives.”
In April FIN previously called on Congress to require the Federal Reserve to ensure the availability of realtime payment networks for all Americans by 2020.