The United States’ payment infrastructure is one of the oldest, largest and most revered in the world. However, new real-time information capabilities, market expectations, and consumer behaviors continue to emerge, exposing the limitations of our current system and, in turn, creating long-term challenges for the economy. This problem of new versus old was further compounded by a divided, entrenched, and litigious landscape filled with traditional participants and stakeholders.
Times, however, change. While companies, like Dwolla, use technology to help shore up the gaps that developed in the U.S. payment infrastructure between 1970 and 2017, it’s unanimously believed that the U.S. needs a new and more modern system to stay competitive, secure, and relevant.
Today is a big step in that direction.
Under the helpful guidance of the Federal Reserve, the +300-person Faster Payments Task Force released its final paper and solution proposals today. The new accompanying website details the process, submitted proposals, and market-based recommendations coming out of the 2-year initiative. As a Task Force member, elected steering committee representative, and an organization that submitted a faster payments proposal, we strongly encourage you to take a look for yourself.
Dwolla provides modern payment APIs for modern businesses. That means we live and breathe at the intersection of what the market needs and what the infrastructure can deliver. This vantage point provides Dwolla with expertise and experience not found everywhere. Our contributions to the Faster Payments Task Force reflect our strong belief that a more inclusive and accessible system will offer greater societal, economic, and security benefits.
On behalf of Dwolla, we’d like to thank the Task Force, the Federal Reserve, and our fellow steering committee members on accomplishing this herculean effort. We took the time to actually listen to one another, compromise, and learn.
Dwolla is excited about the future, the partnerships, and the stage we’ve set, and you all should be too.