On February 2, 2016, the Federal Reserve Board released a report providing an update on its progress in implementing efforts to improve the US Payments System as set out in its 2015 Strategies for Improving the US Payments System. The report also outlines additional steps the Federal Reserve anticipates taking going forward. Two task forces comprised of more than 500 industry participants have been formed and they have created a list of 36 criteria that describe the attributes of an enhanced payment system. Work has been done with respect to standards, directories and business to business improvements to enhance payment system efficiency. The report also notes that joint efforts with industry participants recently culminated in a plan to implement the financial messaging standard ISO 20022 for US wire transfer systems and advanced plans to implement widespread same day Automated Clearing House settlement.

The report is available at: http://fedpaymentsimprovement.org/wp-content/uploads/0216-progress-report.pdf