The Governance Framework Formation Team (GFFT) has launched a new, highly anticipated payments organization – the U.S. Faster Payments Council (FPC).
In today’s increasingly mobile, digital economy, Americans are demanding a world-class payment system where they can safely and securely pay anyone, anywhere, at any time and with near-immediate funds availability. With the Faster Payments Task Force’s Effectiveness Criteria (PDF) as a touchstone, the FPC’s mission is to work with all stakeholders to meet evolving end-user needs by advancing the faster payments ecosystem, driving the emerging faster payments infrastructure toward ubiquity, fostering a high-quality and secure user experience for all and supporting widespread use of faster payments.
By design, the FPC encourages a diverse range of perspectives in supporting the path to ubiquitous faster payments and is open to all stakeholders in the U.S. payment system. By embracing a broad member audience, including financial institutions, payment network operators, technology providers, consumer and business end users, and individuals with a professional interest in improving the payment system, the FPC will tackle challenges that may be more difficult to address through bilateral cooperation alone.
As a new organization, the FPC will channel its resources toward the most pressing issues that are inhibiting faster payment ubiquity. In its first two years, the organization will focus on:
- Supporting adoption of practices that enhance safety and security for service providers and users of faster payments.
- Identifying, developing and supporting guidelines and market practices that will address opportunities and emerging issues in an open and collaborative way.
- Developing an education and awareness program to foster better understanding of faster payments.
The FPC’s structure, operations and activities are designed to adhere to the FPC’s fundamental principles of inclusiveness, fairness, flexibility, responsiveness and transparency. Through diverse representation on the FPC Board and open opportunities to serve on committees and work groups, all active members have a voice in the direction of the work.
A number of GFFT members have already committed to being founding sponsors or members of the FPC and will lead establishment activities for the organization. To learn more, visit www.FasterPaymentsCouncil.org (Off-site).