Governance Framework Formation Team

Thank You for Providing Your Feedback on the Proposed U.S. Faster Payments Council

June 22nd marked the end of a 60-day stakeholder feedback period for a draft faster payments governance framework authored by the Governance Framework Formation Team (GFFT). The draft framework, for an organization to be named the U.S. Faster Payments Council, was developed by the GFFT at the recommendation of the Faster Payments Taskforce in its final report (Off-site) published last summer.

The GFFT received a tremendous response to its proposed governance framework via an online survey, multiple webinars, conferences, and other engagement tactics. These inputs will be an important part of the Governance Framework Formation Team’s deliberations in creating a governance framework that meets the faster payments industry’s needs.

What happens next? The industry feedback will be summarized into key themes by industry segment and compiled into a report that will be available on this page later this summer. Stay tuned!

About Us

The Governance Framework Formation Team is a short-term work group established by the Faster Payments Task Force in 2017 to recommend a faster payments governance framework for the U.S. marketplace. The formation team has carried out its mission in accordance with Recommendation One (Off-site) of the Faster Payments Task Force Final Report (Off-site) – The U.S. Path to Faster Payments. Its objectives were to:

  • Develop an initial faster payments governance framework that incorporates public commentary; and
  • Establish the framework and membership.

From its formation through April 2018, the team has focused on the structure, decision-making and processes of a governance framework. After seeking comment on its recommendations in spring 2018, the team expects to conclude its work in the second half of 2018.

Membership

It was important to the task force that the members of the Governance Framework Formation Team represent all stakeholder perspectives. Members were elected from within the task force or appointed by the formation team itself and include qualified representatives from each of the defined task force segments.

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