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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. These are hard things to do, but I’m very hopeful and optimistic, really.”.
This year is a critical one for this initiative, the Fed said, with the Fed’s Faster PaymentsTaskForce having already issued the results of its assessment and recommendations for continued progress. In this regard, the Fed stands largely as a supporter and said it will explore its need, if any, to serve as a service provider.
To protect such vast sums of money, the Faster PaymentsTaskForce report indicated it had reviewed 22 faster payment solution proposals so far, and had analyzed some of the potential hurdles that could impede successful faster payment solutions. payment system’s speed, efficiency and security.
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