Under direction from the Faster Payments Task Force (FPTF), the United States seeks to modernize its payments infrastructure and develop a new system which can provide safe, ubiquitous, and faster payment capabilities to all stakeholders in the payments value chain. The opportunities created by the instantaneous movement of money around the world create an equal number of challenges and risks that must be addressed in order for a new payment system to succeed.
In this whitepaper, W. Capra examines the proposals submitted to the FPTF with the goal of identifying the considerations for and the challenges that these solutions must address when implementing controls to manage risk within the payment process. In addition, W. Capra explores how these functions have evolved in our current day payment systems and provides guidance on what you can do to prepare for faster payments in the US.
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