Creators of the Ripple payment protocol, Ripple Labs, have been elected to the Federal Reserve’s Faster Payment Task Force Steering Committee.
The Fed created the Faster Payment Task Force earlier this year to tackle the challenge of upgrading the United States’ outdated payment infrastructure, which lags behind Europe, and, in some cases, emerging markets such as China. The committee will help execute and discuss a payment strategy laid out by the Fed earlier this year.
The central bank’s main goal is upgrading the country’s domestic payment system used for e-check settlement, called the Automatic Clearing House (ACH). Developed in the 1970s, it takes 1-2 days for it to clear a payment, something that simply won’t do anymore in our fast-paced world, according to the Fed.
To represent the interests of various stakeholders in the 300-plus-person task force, a steering committee has been elected by industry peers. Ripple Labs’ Ryan Zagone, head of research on the Business Development team, has been elected to represent the technology and nonservice banking provider sector. He, alongside 15 other committee members, will lead discussions on how to bring real-time settlement to the U.S. payment system.
“It’s a privilege to be selected,” Zagone