Payments Exchange

Coming Soon: Draft Faster Payments Framework for Stakeholder Feedback

A framework to help drive the industry toward ubiquitous faster payments is about to make its debut.

In its final report published last July, the former Faster Payments Task Force identified establishment of this industry governance framework as critical to sustaining progress and successfully executing many of its recommendations. The task force then “passed the torch” to the current Governance Framework Formation Team (GFFT) to propose a framework that would bring the groups’ shared vision to reality: in 2020, a ubiquitous world-class system where Americans can safely and securely pay anyone, anywhere, at any time and with immediate funds availability.

Later this month, the GFFT will begin soliciting broad industry feedback on the draft framework, which details the operating vision, guiding principles and core governance functions of a membership organization inclusive of all payments industry stakeholders that will work toward ubiquity in a faster payments ecosystem. With its focus on facilitating dialogue and collaboration across the wide array of faster payments stakeholders, the proposed organization will work with industry stakeholders to address gaps and barriers to faster payments adoption and support achievement of the industry goal of ubiquitous access in 2020.

Your voice matters!

Watch for news about the framework’s launch, as well as opportunities to share your feedback via an online survey, webinars, conferences and other engagements. If you are not yet a member of the FedPayments Improvement Community, join now to be notified when the draft framework is published.

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