Faster Payments Task Force – Effectiveness Criteria

How do you set out to improve the speed of payments? According to the Federal Reserve’s Strategies for Improving the U.S. Payment System, you start with a call for collaboration and follow quickly with a definition of faster. In pursuit of its desired outcome for ubiquitous, safe, faster electronic solutions for making a broad variety of business and personal payments, the Federal Reserve established the Faster Payments Task Force in May 2015.  A number of DATA community members and collaborators are involved in this important collaborative effort. The mission of the Faster Payments Task Force is to identify effective approach(es) for implementing safe, ubiquitous, faster payments in the United States. In 2015, the Faster Payments Task Force focused its efforts on defining “faster” in the form of Faster Payments Effectiveness Criteria, which can be used to assess faster payments solutions and guide industry innovation. The 36 criteria are categorized into six groupings, Ubiquity, Efficiency, Safety and Security, Speed, Legal, and Governance, and represent the collective views of payment stakeholders for measuring effective faster payment solutions in the United States. The Faster Payments Effectiveness Criteria, along with a companion glossary to define terms key to understanding the criteria, can be found on FedPaymentsImprovement.org. In 2016, the task force will focus on the development and assessment of faster payments solution proposals. To this end, we have launched a Capability Showcase, where solution providers can showcase payment capabilities that can support end-to-end faster payments solutions. Any faster payments innovator is welcome (and encouraged) to participate in the Capability Showcase; only Faster Payments Task Force members are eligible to submit an end-to-end solution proposal. Registration...

2016 Briefing: Washington DC

On February 29, DATA will convene a lunchtime briefing in Washington DC to explore the latest developments in the digital asset industry. These occasional briefings provide stakeholders and interested parties with an opportunity to review the landscape in a private setting, to ask questions and to engage directly with DATA on emerging issues. The Briefing is the first one in 2016, and will focus on developments in blockchains – the database technologies underpinning many digital assets available online today.  From Consensus to Hyperledger, Bitcoin XT to smart contracts, we’ll be covering the key terms and developments. For more information, or to receive an invitation, please get in touch with Chris Mitchell, DATA’s Executive...

Global Consumer Best Practices Guidelines from DATA

The DATA Consumer Best Practices Working Group, under the leadership of the CBP Chair Judith Rinearson, the DATA board and input from the DATA community, have formulated the first set of global guidelines on matters related to consumer best practice issues for companies operating in the digital asset industry. The draft guidelines offer a nuanced look at consumer protection issues relevant to companies operating in the digital asset industry, and were developed with a view toward published guidelines from the Consumer Finance Protection Bureau in the U.S. and the European Consumer Organisation (Bureau Européen des Unions de Consommateurs) on related issues. The Guidelines cover basic principles, including overall fair dealing and ethical treatment of customers and businesses, full transparency, compliance with applicable laws, cooperation with law enforcement and the development of strong internal controls. Review and Download the Guidance...

European Securities and Markets Authority – Virtual Currency Response

In April 2015, the European Securities and Markets Authority (ESMA) issued a Call for evidence on questions surrounding the development of technologies enabling investment with virtual currencies or distributed ledger technologies. DATA’s comprehensive response covers a variety of use cases and scenarios for digital assets in the securities markets, and provides feedback citing real-world examples from members and the wider community.  From block chain voting to improved transparency and reporting of asset holdings to IoT payments, digital asset technologies are poised to bring efficiency to financial markets across a wide swath of areas. Companies and technologies mentioned in the report include Bison, Bitcoin, BitCongress, Bitgold, Counterparty, Dash, DATA Standards, Eris, Ethereum, Exante, GABI Fund,  Hub Culture, HubID, Hullcoin, Litecoin, LME, London Stock Exchange, Luxembourg Bourse, LMAX, NASDAQ, NXT,  One Name, Project Entropia, Ripple, Ven, Votecoin, Windhover Principles and others. Download the full report...

Key Date: August 8th for NYDFS BitLicense

A reminder to DATA member companies and the digital currency community in general: recently announced BitLicense rules from the New York Department of Financial Services are scheduled to take affect August 8, 2015, following a 45 day waiting period announced on June 3, 2015. Download a copy of the regulation guidance...