What’s Happening with the Faster Payments Task Force?

What’s Happening with the Faster Payments Task Force?



good afternoon and welcome to the Faster Payments call for September 15th I am jean-marc with the Federal Reserve and I'll be your facilitator today we'll look at what's happening with the factor payments task force but first let's jump to slide two to talk about the logistics of the call this call is being recorded and will be made available at Fed payments improvement organic coming days if you haven't done so yet click on the webinar link you received when registering this option offers a few benefits you can watch the slides as they're advanced you can have questions directly to us you can download the session materials or you can even choose to listen to the audio through your PC speakers I would like to note that the webinar performance does depend on your connection so that anytime you're having problems just pick up the phone and dial the toll-free number now let me thank our presenter today Connie vine Connie is vice president from the Federal Reserve Bank of Chicago as I mentioned earlier can earlier you can submit questions to us at any time by clicking the ask question button in the webinar tool let's get started with a quick polling question so grab your mouse and respond please take it to the point question and you should be able to see that question pop up on your screen and I'll read that allows for our participants please choose the option that best describes your organization are you a financial institution an end-user which might be a merchant government or consumer interest organization are you a non-bank provider which might be a service provider a technology provider or network operators or other which might be academic consultant or a regulator I'll give you a second to think about that if you haven't joined us in the webinar we'd love to have you join and you can respond to our polling questions give you one more second and I will stop that poll and show the results to the group and wait just a second to see those results wait one more second to see those results okay and it looks like 58% of your participants are from financial institutions and Connie I'll turn it over to you great Thank You Jean and good afternoon a good morning to our participants on the west coast we are thrilled that you've all made the time to join us today and learn what's happening with the Faster Payments task force as Jean noted I'm Connie sine I'm the vice president of payments Industry Relations for the Federal Reserve System and my responsibility is to engage payments stakeholders like you in the important payment system improvement work that's underway so very much appreciate you joining us today I hope this is valuable and you'll learn about additional opportunities to stay involved with us on the call today I'm going to first give you some background in context describe the strategies for improving the u.s. payment systems paper that was released by the Federal Reserve earlier this year and then we're going to move into talking about one of the strategies articulated in that paper that focuses on faster payments we'll talk about the faster payments task force that we have established and the Mitch mission and objectives of that group and then we'll give you an overview of the work to be undertaken by the task force over the next 18 months last but not least I want to make sure that we have an opportunity to highlight for you opportunities ongoing opportunities for you to stay engaged to track this work and even to participate in the faster payments initiative let's move on to slide five and I'll give you a little bit of background as I noted many of you may be familiar with this if you participate in industry conferences trade organizations associations we've worked hard over the past nine months to create awareness of our strategy paper that was released in January for those of you who perhaps aren't as familiar with it the strategies for improving the u.s. payment system paper articulates desired outcomes for the u.s. payment system and they are focused on enhancing the speed security and efficiency of the u.s. payment system as it relates both to domestic and cross-border payments and it describes an outcome that focuses on achieving those enhancements through collaboration with all payment stakeholders the paper describes the desired outcomes but more importantly it outlines a number of strategies that we are pursuing in partnership with industry stakeholders to achieve those desired outcomes first and foremost as a foundation to all of the work we're establishing forum opportunities Task Forces work groups mechanism that will facilitate the collaboration needed to develop solutions to the pink points to pursue the opportunities that we've identified strategies two through five focus on development implementation and adoption of solutions that enhance speed security and efficiency today we're going to talk at length about the faster payment strategy but I wanted to take a moment to highlight a few of the other initiatives underway as well so that you have the opportunity outside of this call to perhaps explore more information on those opportunities the third strategy number three focuses on the safety and security of the payment system specifically how we as an industry can reduce fraud risk and ensure the safety stability resiliency of the payment system you may have heard about the secure payments task force which is a group that's been established to support this particular strategy in addition to that the Federal Reserve has a number of work efforts underway to focus on standards research and education that we believe will further enhancements to payment security strategy number four focuses on efficiency and that in a nutshell is about end-to-end electronification straight through processing so it's about driving the remaining paper out of the system it's about addressing some of the challenges related to straight through processing remittance data supporting the needs of b2b payments and cross-border payments the initiative underway in this area focus on a few key issues one adoption a strategy for implementing ISO 20022 in the US for wire transfer and automated Clearing House payments – there is work underway to look at how directories could enhance efficiency and end-to-end processing of payments and three there's a very big focus on electronification of b2b payments you if you're familiar with the retail payment study that the Federal Reserve conducts every few years you might recall that the last study report issued notice that there were remained 18 billion payments check payments annually in the u.s. a very large percentage of those are business payments and so there's a lot of work underway by the Federal Reserve and in partnership with an industry organization called the remittance coalition to identify the barriers the obstacles to electronification of b2b payments and to address those barriers the last strategy discussed in the paper focuses on how we the Federal Reserve can enhance the services the payment services we provide financial institutions to further achieve the desired outcome and so looking at for our funds transfer automated Clearing House settlement services and check services as well how we can develop enhanced risk management service how we can speed settlement of payments on all of those rails provide richer information really support all of these speed security and efficiency objectives so that is the strategies for improving the u.s. payment system paper in a nutshell as I noted today we're going to focus our discussion on faster payments so if you move on to slide six we've outlined and succinctly some of the key drivers that led us to conclude this need for faster payments but many folks would describe as a need for real-time pain in the United States before I kind of you know dive into the research and the rationale that we articulate in the paper I'll just share a very recent and personal story that lots of you can probably relate to I am in the course of my industry Relations job you can imagine I travel a lot to speak to groups and attend conferences and meet with famous organizations all across the United States and so it's a regular occurrence that I am submitting expense statements and that process you know even in its smoothest iteration you know can be painful here and there and recently I had a new experience with our our staff at the Fed who you can imagine here we're very rigorous and disciplined in reviewing expenses in the guidelines for all of our expenses and we have great staff at the Chicago Fed who helped us with that and review everything and with my roast most recent expense statement I got a question back from our staff that said Connie the taxi that you took on Wednesday the receipt you turned in from your bank statement shows it settling at your bank the following Tuesday are you sure you have the right receipt for your Wednesday taxi and I reply back to her saying we're working on the speed of the payment system he but yeah it really is it's hard to believe but you know the taxi driver took out his metal thingy and put a carbon copy paper in and probably took three days for that to get through his taxi company and processed it and then the credit card stuff wasn't processed over the weekend and so yeah that Tuesday receipt on my bank account really is for the payment that was a week report I said give us a couple of years he and we'll try and you know move that up at least a few days I'm guessing that all of you in business and personal contexts have stories like that that even our electronic payments are fastest mechanisms today are slow we have you know as noted on this slide lots of innovation going on in the payment system we can certainly all and many of you may have services that you use that deliver a real-time experience or mimic a real-time experience like payments I think what we've noted in our research leading up to the paper is that there's a real lack of coordination and fragmentation as it relates to all of that innovation that's happening and so there are announcements every day about real-time payments but I still experience regularly you know this issue of asking someone if I can send them a payment using my service and they respond back that I I don't use that service I do this service and I don't really want to sign up for your service or have you know 18 different apps and just to be able to pay my friends for a baby shower gift so a lot of fragmentation there's also a lot of discussion in the industry and concern about the fact that the u.s. is at risk of falling behind you hear different numbers I think the the latest I heard was roughly 34 countries across the globe that either have our own process of developing real-time payment systems we're certainly actively discussing this in the US but perhaps some on the tail end of that curve and I think we'll we'll talk about the task force work but later that one of the things I hear from task force members is it isn't just about you know a reputational issue or you know a pride issue that we should worry about being behind then you talk about the problem with us being in a position where perhaps we're forced to follow other countries and our freedom to decide and design a system that is ideally suited tailored to our needs is more constrained if we are a late comer to the real-time payment environment you know why faster payments there's also really clear momentum and demand in the marketplace you know I talked about all the systems that are out there and there is uptake on lots of the systems evolving in the marketplace the service offering we also as part of our research prior to publishing our paper did end user research talk to consumers and businesses small and large and you know a couple of key takeaways from all of that research included you know folks saying largely you know in the seventy-five percent range responding that they would prefer payments to be processed with either instantly or within one hour and even more importantly I guess if you're a provider in the marketplace a third of consumers and two-thirds of businesses said they would be willing to pay some fee for that level of service so I think what we're observing in the marketplace what we've seen in some of our research indicates that there really is clear momentum and demand around faster payments and last an important thing that we heard through our consultation paper soliciting feedback is industry-wide concerns and concern from all stakeholders about how the financial services industry can better serve the needs of the unbanked and underbanked and one of the clear needs in that sector is the ability to manage money in real time real time balances real time movement of money real time payments and so we think well this doesn't you know it's not the Silver Bullet to solve all of the needs of that population it could be an important contribution to better serving those needs so that's the lie some of the things that prompted is to be a priority and a critical focus of our payments improvement strategy so before I dive into the task force we're going to stop and sort of get an understanding of where you're at on your knowledge of the Faster Payments task force so let me turn it over to Jean all right Thank You Connie and let me push that or watch that polling question for the group and that should pop up on your screen if you've joined us in the webinar and I will read that aloud for you prior to this webinar how informed were you about the Faster Payments task force and the work currently underway and your options are not at all you are learning about this initiative for the first time lightly you've heard about the initiative at a high level but aren't up to date on task force work underway moderately you have read some of the task force materials and have a general understanding of the work underway or very you've read task force materials discuss the work with others and feel fairly knowledgeable about the work underway all right so I will give you just a second to respond to lose that polling question and I'm going to just stall for a second and I'll stop that poll and show the results and hopefully Connie you have seen those results come up on your screen and oh it looks like slightly and moderately are very close I'm going to turn it back over to you great Thank You Jean and that's interesting I was wondering if we should have had a follow on polling question that said you know how many folks on the call or members of the test I didn't expect there to be for the audience to be as knowledgeable as you are so I hopefully you'll walk away with some new information we're going to dive into some that we haven't communicated widely yet and you'll have a chance to learn more today on side eight here here we describe the strategy number two the faster payment strategy in the paper as well as the mission and objectives of the faster payments task force the strategy in the paper is really straightforward it is to identify effective approaches for implementing a safe ubiquitous faster payments capability in the United States you know we'll we'll get into sort of the one aspect of this work that's about identifying the criteria for a faster payment system but you know the paper in a very succinct way articulates at the highest level those requirements that it's got to be safe it has to be you ubiquitous so broadly available to consumer in business and users in the US and it has to be faster and that's that's something that in all of our discussions over the last couple of years there's lots of debate about how you define faster and real-time and near real-time and what actually do we need and so the work of the Faster Payments task force is to do just that it's to not only identify potential approaches to faster payments but to evaluate them in order to make an assessment as to what would be effective and our hope is that the work of this task force will really generate some momentum in the industry down the path toward implementing and adopting capabilities the objectives as a task force you know we really intentionally solicited very diverse participation so that we would have stakeholders around the table who could represent the views from different seats in the payment system and to what the needs are for a faster payment capability you know that's really the foundation and the building block of trying to identify what would be effective the task force certainly is charged with assessing alternative approaches and then you know beyond that what do we need what what are the options it's sort of looking at are there strategic issues that need to be addressed to enable successful implementation perhaps even regardless of what approaches are identified and so really thinking beyond just this is the solution but what would the industry need to do to get there and achieve ubiquitous access and adoption so moving on to slide 9 as we structured this initiative we wanted the opportunity for stakeholders who were committed and had the time resources and interest available to be at the table to participate in the task force as a member to help identify these alternatives and assess these alternatives we also wanted the opportunity for folks who were not interested in that level of commitment or unable to commit at that level to still follow to weigh in to provide input and so on slide 9 you can see we describe the structure that has the community which all of you whether you're formally registered or not we think about you as being in the stakeholder community and your views are important to this process so we've created opportunities like today and and many more to come where you can stay up to date and provide input on what with the task force work if you're a member of the Faster Payments task force and i should say there are still opportunities for you to participate or join you can get details on that online at such payments improvement org under get involved but if you're part of the task force you are charged with doing the work that I described and I'll describe in more detail in a moment we have folks who have been elected from that task force body to serve on a steering committee and the steering committee is the 19 representatives representing different segments of the stakeholder universe and the task force membership who advise the Fed really helped to guide the work develop the work plan assist with engaging members and gathering input from different segments perspectives and managing the work to successful completion and then as the work goes forward we envision the task force really chartering workgroups to focus on specific issues and in the context of the Faster Payments work probably to work groups to identify those potential approaches for assessment an important thing to note I mentioned earlier when I talked about strategy 3 payment security that we've established a secure payment task force that task force is chartered with advising the Faster Payments task force to ensure that the recommendations that come out of this body describe a faster payment capability that is also secured so they play an important role in helping to identify the security related requirements and then likely down the road during this assessment process weighing in on the approaches from a security perspective the esse at the bottom you know I'll note that we do have if you're curious to see whether colleagues representatives from trade associations that you belong to other groups are on the task force we have links at the bottom of this slide where you can see the whole faster payment task force roster as well as the steering committee roster which we've actually provided for your reference and the presentations today as well so moving on 510 Faster Payments task force composition I indicated that it was a very high priority to us that the task orders had representation from every sector of the industry and stakeholder community and we feel really good about the membership as it stands today we've got 320 plus total registered members and you can see that it spread really pretty evenly across the different sectors of the industry if you break this down into even simpler categories it's it's almost 1/3 financial institutions one-third end-users and one-third service providers of some sort so a very nice balance and really good healthy dialogue and a lot of learning and sharing and over in this early phase where a lot of sort of work to understand different perspectives and priorities and needs so really pleased with the membership on slide 11 here you can see the steering committee roster for the Faster Payments task force like the I noted that the steering committee was selected through an election process by which members of the task force in each of these categories the outline here put themselves forward as a candidate for the steering committee and there was an election where each of the segments elected their own representative we as the Fed appointed a few members just to round out and ensure we had kind of all of the important views at the steering committee table so let's move on and talk about the work of the task force on slide 12 we outline the work plan at a high level and we're viewing approaching this work in three phases the first phase which began when we we actually officially kicked off the task force on April 29th had a two-day in-person meeting in June where we dug into the work in full force and that was the beginning of phase 1 and the focus here is really you know planning the work its development of the process we're going to use for identifying approaches and evaluating approaches so I'm going to talk in a few minutes about a couple of the really key deliverable coming out of phase 1 as well as opportunities for you to provide input on those phase 2 is is kind of the doing the work it's that assessment process so its development of approaches solution proposals so this is where we envision workgroups that will really articulate in a lot of detail a potential approach what it looks like all of the aspects of it infrastructure and economics and rules and governance and capabilities and put that forward for assessment those will be assessed kind of according to those criteria that we developed in phase one and Phase three will be where we share with the broader industry with stakeholders the results of the task force's work their assessments their recommendations as well as the issues that they've identified as critical to successful implementation and adoption that's at a high level we're going to dig into phase one key deliverables on slide 13 I'm going to speak today about kind of three key things that are underway and coming out of phase one the first is the decision-making framework it was important out of the gate for the task force to decide and agree to how are we going to make decisions you know when we when we produce criteria how are we going to issue something that we can say with confidence this is a product of the task force and has the broad support of the task force membership so that was job one the second is designing developing effectiveness criteria so it's really a process to say what's important to us the collectivist in a faster payment system essentially what are a requirement what do we need and want out of faster payment capability so that's the effectiveness criteria and then third the proposal assessment architecture this is a kind of you know a fancy term to describe how are we going to develop and assess proposals what's the pro processor look like what are the guidelines what should a proposal look like you know what's the template for a proposal how little work groups bring that forward who's qualified to you know form a work group once we have proposals who will do the evaluation how will be they be assessed how will we come to you know task force consensus around the assessment so that is the proposal assessment architecture that's in development now a little more detail around the decision-making framework on slide 14 as I noted this framework describes how the task force will make decision and develop and approve work product and it was important as I noted to the task force that that any work product decision coming out of the group had broad support of stakeholders on the task force so it needed to consider her and you know largely meets the needs of end users and providers and financial institutions networks consumer consumers businesses all of those and so the task force designed a structure that says yes we want a super majority of the entire task force so it's just in its simplest form that has to be moment task force members support this and agree to this but there's really a second layer that they determined was important too in order for us to confidently say we had consensus and that was that each there are eight segments aligning roughly around what you saw on the steering committee page and that we'd like to be able to say that seven of eight segments supported this so it has majority support in seven of eight segments which means you know it's really a win for you know virtually all stakeholders in the system so that's the structure that was designed and approved by the task force using the decision-making framework model on September 3rd and that will guide how decisions are made moving forward the second deliverable in phase one that I noted is on slide 15 and I'm going to describe this in a bit more detail on the next few slides and I'm also going to talk about an opportunity for you to dive really deep into the Faster Payments effectiveness criteria after today's call so first what are the Faster Payments effectiveness criteria it's really you know we started out of the gate with thinking about this as the criteria that would be used to evaluate alternative approaches to faster payments in this task force process and clearly they are that this will be a framework that the task force will use to you know measure these possible different approaches and say you know from all of these again some of these various criteria they're more effective less effective and to come to their conclusions about what would effective approaches be but it's really more than that and I think this was a really big piece of feedback out of the gate that we heard across the task force membership and very strongly from the steering committee is that these criteria will have really significant value to the industry independent of anything that happens with them in the task force completely independent of the task force process the industry the market all of the organizations innovating in payments will find value in these and helping to guide their innovation and helping to guide their product development because this these effectiveness criteria will really articulate stakeholder needs and they'll reflect you know a broad consensus of a large group of you know 300 diverse stakeholders about what this country needs in a faster and capability and so we've had lots of folks on the task force say you know if if we stop the process after this this whole effort will have been worthwhile because of the value of these criteria to the industry so it's important to understand the dual purpose and value that that these will serve and and because of that importance we're really doing things like this webinar like Friday's webinar to get a greater understanding across the industry about what we're doing here and to give you the opportunity to comment so let me explain a little bit more tactically what these criteria are on slide 16 we outline the structure of the criteria as it exists in its current draft so there are 36 criteria I think there may even be some subdivision in process so we might even have more than this at the end of the process but they're divided into these six categories that at a high level describe you know the areas of requirements ubiquity gets at you know that goal that is that the capability is broadly accessible to consumers and businesses in the US so it talks about accessibility you know how will service providers and people that provide payment services to end-users access the system it considers end user requirements for usability and predictability and and data what kind of information do consumers or businesses need to travel with their payment it talks about you know cross border if you think about ubiquity cross-border payments or minami more and more prevalent even at the consumer level and so to what extent can it meet the needs of that particular use case and other use cases what youth cases are most important is the more the better you know how as we determine the need and the effectiveness of any capability as it relates to use cases speed is certainly a category and you know speed of every aspect of the payments and process the authorization clearing availability settlement and speed of the payment transaction but also the information surrounding at the status of that and the data associated with it so visibility of the whole process to the end-user efficiency is an important category and a broad category that captures competition which can drive efficiency of process and other aspects of payments it talks about it gives an opportunity to assess the cost of the effectiveness of any capability the implementation timeline and allows folks to consider stakeholders to consider the trade-off of some of those it speaks to standards you know format more broadly interoperability with the capability be positioned to drive interoperability you know which ties back as well to ubiquity and then you know is it future proof you know is it scalable adaptable would we be well positioned as needs evolve and change over time and then you know in the efficiency category thinking about lots of our pain points today how would the capability or the particular approach support and handle exceptions and investigations and and how efficient is the system in managing that aspect of the payments process governance really important category short list here but really critical and important to people and the criteria really try to articulate the you the effective transparent and inclusive governance and last of discussion and debate going on to try and really define those well the legal framework for payment another really critical aspect so looking at you know do proposed approaches leverage existing legal frameworks where where would there be requirements or considerations for changes to legal frameworks how would it treat kind of proprietary technology so legal an important area this is an example of an area where as the task force has been working through this they said you know this area would really benefit from some focus by real subject matter expert so the task force has stood up a working group specifically to look at the legal criteria for faster payment and then last but clearly as you can see here not least safety and security as a category the largest category and this really covers the gamut of you know risk mitigation and management you know fraud prevention monitoring compliance issues technical security things like authentication and enrollment it also gets into data protection a really critical security issue for folks today and so looks at end-user privacy and resiliency data protection criteria around those things so a really comprehensive robust list of criteria as you can see and you know potentially may this list may even grow a little bit slide 17 gives you an example you know the previous slide just sort of gave you the list of topics or issues that are covered by the criteria we wanted you to be able to wrap your head around so what exactly do these criteria look like and on slide 17 we give you an example so under speed f5 that I spoke to it's not just about speed of the transaction but this visibility of status from end to end this is an example of how this is currently drafted you know it describes it gives a high-level description of what is this criteria it tries to elaborate on it by outlining some key considerations and then each criteria specifically for you know this purpose of assessing different approaches creates an effectiveness scale that will help to measure you know is an approach effective as it relates to this criteria scales may vary you know the the skills in in some for some criteria are very quantitative some by nature of the criteria there are more qualitative some variability there but you can see the structure of the criteria with this example I want to talk about sort of where as I noted you know we are at a point where the Faster Payments task force has a solid working draft of the criteria that they are on the cusp of being ready to release publicly on our website for any and all stakeholders to review and comment and so in the next couple of weeks we plan to publish the current working draft if that in a minute I'll talk about our webinar on Friday which you got an invitation to where we'll dig in and talk in more detail about this but then importantly we're inviting your feedback through a survey mechanism will have some quick flash polling on Friday but really an opportunity through a survey to provide you know pretty robust feedback on you know either thoroughly some key issues and questions that the task force is grappling with that will put upfront sort of in a you know the first piece of the survey and then will provide the opportunity if you want to weight in on all 36 for you to tell us if you think we got it right it needs more work and tell us how important that particular criteria issue so an important opportunity and you'll be able to learn more on the website or through the webinar which we described on slide 18 so obviously by virtue of the fact that you're here today you're a member of one of our Federal Reserve communities whether you're a customer you're a member of our set payments improvement org subscriber community or perhaps you have a relationship with one of the organizations on the task force who have done a good job of telling their membership and constituencies about the work that we're doing but it will benefit you if you're not a registered member of our community to go to Fed payments at Rubin org to ensure that as this work develops and progresses and moves forward you are always among the first to know what's happening you'll get invitations to event like this events like this you'll get notices when we publish things like the criteria an opportunity to attend event to provide input input to complete surveys I've highlighted the webinar is this Friday is how can you weigh in on the requirements for a faster payment system and we're going to dig deeper on these criteria and specifically talk about a few of those key questions the task force is actively debating and they especially would like your input on we specifically scheduled the webinar this Friday to do some flash polling and to get some gut reaction from you about some of these issues so we can bring that to the faster task force which is meeting next week on Monday and Tuesday in Chicago so if you haven't already registered we'd love to have you on the webinar on Friday as I noted if you can't join Friday or even if you pen once this criteria document the working draft is available in the next couple of weeks we are going to post that out on fed payments in proven org with some kind of background information some context and we'll have a link to the criteria survey if you're a registered member on one of our lists got the invitation today you'll likely get thing to say hey the criteria are available and come take our survey so that's how you can get involved we would very much like you to stay engaged in to give us some input and with that we are going to pause with a final polling question and then we want to be sure to save a couple of minutes to answer any questions that you've submitted via the webinar tool all right Thank You Connie I have launched that polling question for our participants I'll read that aloud the question it is based on what you have learned in the webinar today you plan to actively support task force efforts and encourage others to get involved were you you will actively follow work and provide input along the way support pursuing the Faster Payments capabilities but do not plan to actively follow this work support pursuing a faster payment capabilities but do not agree with the approach described or you do not value or support pursuing a faster payments ability I'm going to just stall for a couple of seconds and remind our participants how they can ask a question you can click the ask question button in the webinar type your question right in and we can queue that up for Connie so hopefully that gave you enough time to think about your response and I'm going to stop that polling question and show the results to the group and 1 seconds of results will pop up and it looks like 67% of your participants will actively follow work and provide input along the way and so Connie I'll allow you to have some remarks on that thanks Jean and I suppose by virtue of asking folks like you who signed up and joined us for an hour today we should have expected to be skewed towards the positive end of the spectrum and you want to stay engaged I'm thrilled to see the level of interest I hope you know the 80 90 percent of you who indicated you want to continue to stay involved will participate especially in this criteria phase and there will be many more opportunities along the way so again to ensure you know that you have that opportunity if you have not registered I would love for you to go out to Fed payments improvement org right this minute well you'll probably have two spare minutes to do that before you even have to get to your next meeting so let me just ask Jean if we've had any questions come in that I can answer perfect in fact Connie we have had a couple of questions I'll just start at the top how is the fact of payments initiatives from the Fed and TCH similar for different so I talked back when I talked about the effectiveness criteria I talked about the work of the task force to identify and evaluate approaches to faster payment and I talked about indirectly about all of this innovation and we're going on in the market around faster payments the Clearinghouse is one of those organizations and there are many who are who also see the need for real-time and faster payments capability and they are taking action to develop that kind of capability so we're very supportive of those efforts going on in the marketplace and they're going on in parallel to the work of the task force the clearinghouses is a member of the faster payments task force and they are one of the organizations who has talked about the value of the task force work and the criteria specifically to supporting and informing the innovation that they are doing in the marketplace so a lot of synergy I think the work the collaboration that we're doing as part of the task force is beneficial to all of those private sector efforts and initiatives and we're really happy to have a lot of those innovators participating in the task force all right Thank You Connie the next question is the Fed working with new entrants for example Dwolla to explore newer approaches to money movement so you saw from the task force roster Dwolla is also on the task for on the steering committee that Clearing House is on the steering committee we've got ripple we've got some of the the largest you know longtime leaders in the industry folks like FIS and others on the task force so a lot of diversity so yes we have people who are kind of operating an expert in today's payment system and have reach and can help influence with many organizations a direction we also have organizations like dwellin and ripple and win cash and other who are approaching these issues in new and innovative ways and they're bringing those perspectives to the task force so you know the diversity that three hundred and twenty participants can be challenging to have so many perspectives around the table but I think even after 90 days everyone involved would agree that it's creating a really rich process and I think will contribute to much better outcome okay thanks honey we have a couple of more questions from our participants the next question is how would we go about getting registered for the 18th webinar to so bent payments Improvement org at the top in the navigation we have an event tab and if you go to that page there will be a Lincoln you can register there great thing next crisp question is the industry generally satisfied with our feed for the launching and execution of the initiative and sorry Jean can you satisfied with our oh sure let me just restate it if the industry generally satisfied with our speed for the launching and execution of the initiatives you know over the last couple of years as we've been talking about this issue we issued our consultation paper we issued our paper in January it's been a very common theme feedback and discussion this sense of urgency people have around moving forward around building and having these capabilities available I talked about that driver the concern the anxiety about falling behind the rest of the world there's anxiety even within the US among different providers about you know falling behind from an innovation standpoint and so there is a sense of urgency I think the folks on the task force those 300 people will tell you who have rolled up their sleeves and they're doing a tremendous amount of work would tell you that we are operating at a very aggressive speed on the task force work and you know really moving as quickly as humanly possible some people would say it's inhumane the the pace at which we're moving so I think we will all alike this to be done we'd love to reach that desired outcome tomorrow sooner rather than later but there is a real sense of urgency about the work okay thank you our next question I am unable to participate on the task force but would like to follow their work what's the best way to do that so as I noted earlier fed payments improvement org it's in the slide deck that's our one-stop shop for all of the information and work around all of the initiatives I described for our five strategies that I described upfront related to payment system improvement and so number one thing go there subscribe you will be kept informed and given lots of opportunities to participate as a member of our community okay thank you Connie we are one minute until the end of our session but I do want to try to get one more question in if you submitted a question and it was not answered we'll be sure to get that to our presenters today Connie the next question who is driving the criteria development the Fed or task force members so the Fed is administering facilitating the task force work and so we are you know sometimes using task force input in the criteria example we had lots of discussion that that two-day kickoff meeting in June posing lots of questions to try and and get enough information from the task force about what they thought they needed to be in criteria that we could take pen to paper and then feed it back to them and so we are holding a pen and taking their direction they're at it their guidance I talked about the version that we're about to release in the next couple of weeks for you know for broad stakeholder comment that isn't the first version we've iterated you know three times with the task force had an in-person meeting we've got another next week we've had three calls we've had a segment call small working group calls I talked about the legal work group we've stood up we've got a security criteria workgroup so we are supporting the work you know by trying to do the heavy lifting of drafting and editing and revising and gathering input but it's really reflective of the task force views and again back to that decision-making framework that's where the rubber hits the road and you know by virtue of the votes and the endorsement you know we'll have a product that folks can truly say at the product of the task force all right thanks so much Connie all right well we are one minute over so I just want to know if you have any closing remarks before I officially close out our session today I just wanted to thank everyone on the call again for sharing your valuable time today and I hope you you know learned more we we met your expectations we're very open to feedback our website also has an opportunity where you can submit questions if you didn't get asked them today where you can share your thoughts your suggestions your feedback at any time but we're excited about this important work and hope that you will stay engaged all right thanks so much Connie and thank you for your time as well this does conclude our webinar thank you everyone and have a great day

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