In order to achieve its objective of identifying effective faster payments capabilities, the Faster Payments Task Force had to define what was necessary to achieve an effective real-time payment system. What would this look like and how would you know it if you saw it?
The over 300 stakeholders on the task force worked tirelessly to develop the Faster Payments Effectiveness Criteria (PDF), which is both a description of stakeholder needs that can be used to assess faster payments solutions and also a guide for innovation in the payments industry. As we move closer to the release of Final Report Part Two later this month, review these foundational Effectiveness Criteria, inclusive of six categories and 36 overall criteria critical for a real-time payment system.
