The Federal Reserve on Monday released details for participation in two task forces described in its recently published "Strategies for Improving the U.S. Payment System" paper. The Faster Payments Task Force and Secure Payments Task Force are open to all interested stakeholders with relevant payment knowledge and experience who can commit the required time and resources to these key initiatives.

Identify and evaluate alternative approaches

Participants on the Faster Payments Task Force will identify and evaluate alternative approaches for implementing safe, ubiquitous, faster payment capabilities in the United States. The Secure Payments Task Force will advise the Federal Reserve on payment security matters, consult on security aspects of the Faster Payments Task Force work, and help determine priorities for future action to advance payment system safety, security and resiliency.

"Diverse and committed membership will ensure a broad range of perspectives are considered as we pursue improvements to the U.S. payment system," said Esther George, president of the Federal Reserve Bank of Kansas City and executive sponsor of the effort. "We welcome and actively seek participation from the entire spectrum of payment system participants, including businesses and consumers."

Additional information and how to participate

For additional information about the task forces, including charters, participation agreements, and registration forms, visit the Get Involved page at FedPaymentsImprovement.org. The Federal Reserve will host Task Force teleconferences on March 20 and March 31 to field questions from interested individuals. To register and submit advance questions for these sessions visit FedPaymentsImprovement.org.

To participate in the inaugural Faster Payments Task Force meeting, registration must be completed by April 17. The registration deadline for participation in the first Secure Payments Task Force meeting is May 15.