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A Unique Position of the US Payments Industry – Interview With Sean Rodriguez, Faster Payments Strategy Leader for the Federal Reserve System

While there are always costs and risks involved in implementing new technology, faster payments solutions with broad reach and strong safety standards in place could lead to many benefits for society as a whole, advocates the Federal Reserve. In fact, the Fed estimates that 29 billion transactions, or 12% of all US payments annually, could benefit from faster authorization, clearing, settlement and/or availability of funds.

According to the regulator, the specific use cases that could benefit most from faster payments include:

  • Person-to-person payments;
  • Certain types of person-to-business payments, such as emergency bill payments or rent payments;
  • Certain types of business-to-person payments, such as wage payments for temporary workers or medical insurance claim payments; and
  • Certain types of business-to-business payments, such as just-in-time supplier payments.

On the role of fast, safe, ubiquitous payment system and its benefit to the society in the long run, along with the dive into a remarkable initiative – The Faster Payments Task Force. We had the pleasure of speaking with Sean Rodriguez, the Faster Payments Strategy Leader for the Federal Reserve System.

Image: Sean Rodriguez, the Faster Payments Strategy Leader for the Federal Reserve System

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