To support that mission, the task force developed a framework, called the “Faster Payments Effectiveness Criteria,” to provide guidance to the wider payments community on the desired attributes of a future payments system. The framework identified 36 “effectiveness criteria” that a faster payments system should meet, covering six broad areas: ubiquity, efficiency, safety and security, speed, legal framework, and governance.
But the interaction between the difficulty to value SF products, the evaporation of liquidity and the “rush to exit” to reduce risk exposure could not have been foreseen, and nor could the speed at which the crisis spread across institutions and markets.