GFFT Announces Formation of U.S. Faster Payments Council
A milestone in the nation’s faster payments journey has been achieved! The Governance Framework Formation Team (GFFT) has launched the U.S. Faster Payments Council – an organization whose mission is to facilitate ubiquitous faster payments in the United States. The FPC will work with all stakeholders to:
- Meet evolving end-user needs by advancing the faster payments ecosystem;
- Drive the emerging faster payments infrastructure toward ubiquity;
- Foster a high-quality and secure user experience for all; and
- Support widespread use of faster payments.
By design, the FPC encourages a diverse range of perspectives and is open to all stakeholders in the U.S. payment system, including financial institutions of all sizes, payment network operators, technology providers, consumer and business end users, and a range of other organizations or individuals with a professional interest in payments. The FPC focuses on the broader mission of faster payments ubiquity while upholding competitive prerogatives and respecting members’ ability to manage their own internal business operations.
As a solution-agnostic organization, the FPC is in a unique position to tackle challenges that may be more difficult to address through bilateral cooperation alone. The FPC aims to drive faster payments progress by:
- Focusing on the larger goals of safety, security and adoption of all faster payments, and advancing the future of faster payments;
- Enabling FPC members to broaden their reach and leverage their investments across a much broader base of transactions; and
- Creating safe forums for dialogue governed by strong anti-trust guardrails that support innovation, inform system design, and enhance cross-solution risk mitigation.
The GFFT formed the FPC in response to a key recommendation from the Faster Payments Task Force. In its final report published in 2017, the task force directed the GFFT to develop and implement a faster payments governance framework, inclusive of all stakeholders, to facilitate ubiquity of faster payments in the United States.
Read the press release for more information, including a list of founding sponsors and members.
Learn more about the U.S. Faster Payments Council by visiting FasterPaymentsCouncil.org (Off-site).
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.
Since mid-2017, the GFFT has focused on the structure, decision-making and processes of a governance framework for a new organization that would fulfill the task force’s vision. After developing its recommendations, the GFFT sought industry input in April 2018 and received more than 1,000 comments from a diverse range of industry stakeholders during a 60-day feedback period. After considering the comments and deliberating further, the GFFT finalized the operating vision for a new organization, the U.S. Faster Payments Council (FPC). The FPC was publicly launched in November 2018. After fulfilling various establishment activities for the FPC, the GFFT expects to conclude its work in late 2018.
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.
- Member List (PDF)
- Payments Industry Leaders Launch U.S. Faster Payments Council (11/13/18)
- FPC Survey Feedback Results (PDF, 08/17/18)
- FPC Operating Vision (PDF, 04/24/18)
- Future of Faster Payments Webinar Recording (Off-site)
- Industry Group Takes Step Forward with Release of Draft Faster Payments Governance Framework (04/24/18)
- Frequently Asked Questions
- About the Faster Payments Task Force
- The U.S. Path to Faster Payments, found on FasterPaymentsTaskForce.org (Off-site)