The Fed announced that it has concluded the last phase of research to improve the speed, efficiency and security of the U.S. payments system. The Fed plans to use its research in conjunction with industry feedback to develop a roadmap for payments system improvements, to be released in coming months.
The Fed began research into payments system improvements last year with its “Payment System Improvement–Public Consultation” white paper, followed by three research projects: The first identified the need for faster retail payments, the second addressed gaps and opportunities regarding payment system security and the third involved the analysis of the business case to adopt the ISO 20022 international payment standard for the U.S. payments marketplace.
It’s anticipated the Fed will focus on emerging alternative payment methods, such as GPR cards, mobile wallets, money transfer solutions and virtual currencies to achieve nearly real-time person-to-person payments by 2023.
More information may be found here.