SWIFT Partners with TCH to Drive Instant Payments in the U.S.
Hot on the heels of the Fed’s Faster Payments Task Force final report and call for the industry to implement faster payments in the U.S. by 2020, SWIFT is offering a gateway.
Hot on the heels of the Fed’s Faster Payments Task Force final report and call for the industry to implement faster payments in the U.S. by 2020, SWIFT is offering a gateway.
The Fed’s Faster Payments Task Force isn’t kidding when it says it wants every U.S. consumer and business to be able to accept faster payments by 2020. It’s an ambitious plan, no doubt. But with the release of its final report on July 21, detailing 16 proposed faster payment solutions and outlining possible approaches, the task force is making a serious call to action.
A 2-year-old Federal Reserve plan to improve the speed, efficiency and security of the U.S. payments system has made significant strides toward those goals, but there’s more work to do, according to the Fed’s latest progress report on the initiative. First announced in a January 2015 document titled Strategies for Improving the U.S. Payment System, the plan includes several strategies to enhance the U.S. payment system to “meet the changing demands of American consumers and businesses.”
