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Fed engages McKinsey & Co. to assist Faster Payments Task Force

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Fed engages McKinsey & Co. to assist Faster Payments Task Force

The Federal Reserve selected McKinsey & Co. to support itsFaster Payments Task Force during 2016 in assessing faster payments solution proposals,according to a March 29 press release.

The Fed formed the 331-member task force in 2015 to identify effective approaches for implementingfaster payment capabilities in the U.S., along with supporting a broader effortto improve the speed, safety and efficiency of payments. Members will submit comprehensivefaster payment solution proposals to the task force in April for analysis.

The full task force will review and comment on both the proposalsand assessments later in 2016 before their publication in early 2017. The task forcewill also identify strategic issues important to the successful development of fasterpayments in the U.S. and consider potential industry actions for implementationand adoption. The task force will publish these conclusions in its final report.