Business Development Head of Research for Ripple Labs, Ryan Zagone, has been elected to the Federal Reserve’s Faster Payments Task Force Steering Committee.
The Steering Committee’s 16 members are designated to lead the 321 stakeholders that comprise the Task Force.
In an effort to make American payments faster by 2020, the Faster Payments Task Force was forged by the US Federal Reserve in 2015 — a government-led project established to represent, address and assess “alternative approaches for faster payment capabilities.”
Of 22 potential solutions, Ripple’s distributed financial technology qualified for consideration — securing its place in the 16-strong Steering Committee. Having steered through 120,000 hours of estimated Task Force deliberation, Zagone’s election may highlight Ripple’s commitment to attaining government sanction.
Assessing all submissions, the Federal Reserve noted:
“The proposals on the whole represent a significant step forward on the path to making the U.S. payments system not only faster but better, by shifting the paradigms around payment speed, security and efficiency.”
Ripple’s Zagone will join the leading ranks of the Task Force, which comprises some 300 industry representatives from financial institutions, finance technology firms, and payment service providers including JP Morgan, MasterCard, and KPMG.
Such company may bode well for Zagone — the Ripple executive having previously focused on faster payment and infrastructure solutions at Deloitte and the American Bankers Association.
In response to his election, Zagone said:
“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 to, and competition in payments.”
Known for their collaboration with banks and payment providers, Ripple’s corporate focus can be seen in Zagone’s final comments on the appointment:
“I will continue Ripple Labs’ constructive approach in working with peers, bank partners, and the broader financial industry—including NACHA, IPFA, and the W3C. Above all, I am committed to being an open and inclusive presence on the task force, representing the priorities and concerns of fellow non-bank service providers.”
While the Task Force has not yet chosen Ripple or any other competitor as a winning formula, Zagone’s appointment as a leader may stand as the US government’s vocal recognition of XRP’s viability as an attractive means of payment.
Cover Photo by Steve Harvey on Unsplash
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