My Inside View: On the Fed’s Faster Payments Task Force
With this inaugural blog post, I join the ranks of my opinionated ACI colleagues.
In my role as Practice Lead for Consumer Banking and Payments, I study the large, transformational changes impacting the banking and payments industries in the Americas. I then try to quantify and communicate the strategic opportunities arising from those changes to ACI’s clients, as well as to our own customer relationship and product development teams.
It is a great vantage point from which to observe and forecast key evolutionary directions. Perhaps you agree with me that it’s hard to imagine a more innovative, challenging, and exciting time in our industry. Ten years from now books and business school case studies will be written about the companies, innovations, and people we interact with each day.
We are fortunate to be living in what will be considered the Golden Age of Banking and Payments.
Among the many topics I review are omnichannel banking, mobile payments, card fraud controls, and cyber-currencies. Also within my portfolio of responsibilities, I represent ACI on the Federal Reserve Bank’s Faster Payments Task Force.
The Task Force is a Fed-driven initiative to harness the interests and energies of the private sector toward the development of a faster payments “scheme” in the United States. It is a privilege to directly participate in what could be one of the most innovative developments the payments industry has seen in generations.
Hyperbole? Maybe. But it won’t be hyperbole to those companies that become successful or get crushed in the move to faster payments. Having a seat at the table as this faster payments initiative is being discussed and formulated is pretty exciting. And that is the experience I’ve chosen to blog about.
Through these posts, I hope to share and discuss with you what’s happening from the perspective of my inside view. There is no shortage of important issues to discuss: will the Fed’s approach actually work? What about The Clearing House’s initiative? What impact will NACHA’s Same Day ACH have? What does a US-based bank need to do to start preparing? Is there a business case for faster payments? Do we even need a business case?
To start boning up on the Fed’s faster payments plans and processes, the best place to start is at its website: https://fedpaymentsimprovement.org/
As I blog about my faster payments experiences and perspectives, I hope you will join me by reading and responding. Earlier in this post I alluded to books and business school case studies to be written about people that transform our industry. Will you be one of those people?
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