Ryan Zagone, Head of Research for the business development team at digital currency startup Ripple Labs, has been elected to the Federal Reserve’s Faster Payments Task Force Steering Committee.
The Federal Reserve launched the Faster Payments Task Force in early 2015, aiming to improve the US payment system. The key target of this task force is to identify and evaluate alternative approaches for implementing safe, ubiquitous and faster payments capabilities in the US. Moreover, the Fed has realised that its payment infrastructure is lagging behind in certain aspects to countries in Europe and Asia.
To accomplish real-time payments in the US, the task force has already attracted over 300 participants from different segments including financial institutions, technology providers, trade groups, end users, businesses, payment networks, the government and more. To help guide the task force, a 16-member steering committee was elected to represent the working group’s numerous stakeholders. Ryan Zagone will be a part of the 16-member steering committee.
At Ripple, Ryan works with financial institutions, regulators and central banks on infrastructure efforts and faster payments initiatives globally. His experience includes efforts in the US, the UK, the Single Euro Payments Area and Canada.
Prior to joining Ripple, Ryan focused on payments innovation and retail bank strategy at Deloitte. He previously worked on regulatory relations and economic research at the American Bankers Association.
“It’s a privilege to be selected. I look forward to leveraging Ripple’s global experience as the task force assess ways to increase speed, efficiency, access and competition in payments,” Ryan said to the media.
But this is not the first time that Ripple has been involved in making payments faster. Earlier in 2013, Ripple helped the Fed in building the Strategies for Improving the U.S. Payment System paper. “Option 2: Facilitate direct clearing between financial institutions on public IP networks using protocols and standards for sending and receiving payments,” which appears in the paper was suggested by Ripple Labs.
Last week, Ripple achieved a major milestone when two major Australian banks (Westpac and ANZ) joined the Commonwealth Bank of Australia for trialing Ripple payments. Westpac and ANZ are looking to use Ripple’s platform for tracking customer payments, whereas Commonwealth Bank’s intention is to use Ripple for payment settlements between its subsidiaries.