A Federal Reserve task force has issued criteria for its faster payments initiative, part of a long journey to build a framework to securely and efficiently accommodate the near real-time processing for digital commerce.

It's also an opportunity to achieve long overdue fixes to security and identity verification on the Internet, according to Stephen Lange Ranzini, president and CEO of University Bank & University Bancorp, and a member of the steering committee for the Federal Reserve Secure Payments Task Force.

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