Mason and Colleagues Commended by Federal Reserve for Efforts on Faster Payments Task Force

August 1, 2017

​Ma​son Joe ​Since mid-2015 professor Joe Mason in the Department of Finance at LSU’s E. J. Ourso College of Business has been participating in a collaborative effort spearheaded by the Federal Reserve known as the Faster Payments Task Force. The group was tasked with producing a faster payment system that is “safe, efficient and broadly accessible” in the face of rapidly changing technologies. On Monday, July 24, 2017 the Federal Reserve announced the conclusion of the initiative with the issuance of a final report entitled, "The U.S. Path to Faster Payments: A Call to Action."

The 300-plus member group was comprised of financial institutions, consumer groups, payment service providers, financial technology firms, academics, merchants, government agencies, and other interested parties.

"The task force has accomplished groundbreaking work to define what stakeholders expect from a future payment system and how industry collaboration can help to deliver it," said Esther George, president and chief executive officer of the Federal Reserve Bank of Kansas City, who is leading the Federal Reserve's payments improvement initiatives. "The level of collaboration within this large and diverse group of stakeholders was encouraging and productive."

Mason is the Hermann Moyse, Jr. / Louisiana Bankers Association Endowed Professor of Finance at LSU’s E. J. Ourso College of Business and Senior Fellow at the Wharton School and was pleased to be a part of the initiative. "I am honored to have been part of this historical effort, the first coordinated attempt to fundamentally alter consumer payments since the ubiquitous adoption of checks across the United States,” said Mason. “The Working Group's efforts go well beyond the myriad credit and debit cards we use every day, reaching to mobile payments that transfer value as quickly and confidently as paying or accepting payments in cash. These efforts are the first step in bringing the U.S. up to par with much of the rest of the world, while also providing the security underlying the system necessary to create the next generation of payments products."

For more information visit the task force’s website at https://fasterpaymentstaskforce.org/.

 

Angela McBride
LSU E. J. Ourso College of Business
225-578-7833