Governance Framework Formation Team

Survey: Proposed U.S. Faster Payments Council Has General Support of Stakeholders

Read the full report here:
U.S. Faster Payments Council Draft Operating Vision Survey Feedback Results, August 2018

A recent survey of payments industry stakeholders on the draft Operating Vision (PDF) for the proposed U.S. Faster Payments Council (FPC) revealed general agreement with most aspects of the proposed organization, including the need and rationale for the FPC, its guiding principles, core functions, membership, Board of Directors, committees and work groups, and decision-making processes. At the same time, the survey found that certain aspects of the FPC, such as its funding structure, had considerably less support across segments.

The 34-question survey, conducted April 24 – June 22, generated 178 survey submissions from a broad range of stakeholders. In addition to the survey’s numerical inputs, respondents across stakeholder groups offered more than 1,000 comments reflecting their support, concerns or suggestions for the authors of the Operating Vision. These inputs will be an important part of the GFFT’s deliberations in reworking the Operating Vision to meet the faster payments industry’s needs.

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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