The Federal Reserve Takes Steps Towards Developing Faster Payments and Settlement

By Sean Mahoney

The Federal Reserve announced that it engaged McKinsey & Company to help evaluate faster payments solution proposals being solicited by the Federal Reserve from members of its Faster Payments Task Force.  The Task Force consists of representatives of participants in the financial services system, including banks and technology firms.  This step can be viewed as part of a process of making improvements to the US payments system.  It is worth monitoring as any such improvements will likely lead to commercial opportunities.

See the press release here.