Though the proposals weren't disclosed, there are a few financial tasks that could use revamping.
Proposal details won't be made public until next year, a spokesman at the Federal Reserve Bank of Chicago said. The group, along with the Secure Payments Task Force, both of which are made up of more than 500 members including banks, financial technology companies, consumer groups and well-known retailers, will review and rate these suggestions. It sent 19 proposals, including those for using credit cards and cryptocurrencies for payments, to the Faster Payments Task Force, according to a report in The Wall Street Journal. The Federal Reserve is looking to speed up the process of sending money.
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