A recent survey of payments industry stakeholders on the draft Operating Vision for the proposed U.S. Faster Payments Council (FPC) revealed support for the organization as well as insights on how it could be changed to better serve the needs of the payments industry.
The Governance Framework Formation Team (GFFT) has released a report (PDF) summarizing the findings from the survey, which was designed to elicit feedback on the FPC’s draft Operating Vision (PDF), including the GFFT’s proposed approach to the mission, guiding principles, structure, authority, funding and core focus areas of the organization. The vision of the FPC is to facilitate a ubiquitous, world-class payment system where Americans can safely and securely pay anyone, anywhere, at any time and with immediate funds availability.
The survey was fielded during a 60-day stakeholder feedback period, April 24 –June 22, during which the GFFT conducted an extensive education and outreach campaign to inform a diverse range of stakeholders about the FPC. The 34-question online survey generated 178 survey submissions and more than 1,000 written comments.
Overall, survey respondents within each stakeholder group were in at least general agreement with almost all aspects of the FPC, 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. In addition, nearly 70 percent of respondents were interested in joining the FPC. Level of interest varied across segments, however, with 60 percent or more of financial institutions of all sizes, business end users and “other” respondents expressing interest, and more than 80 percent of non-bank providers also expressing interest. Consumer interest organizations and government end users were more neutral or disinclined to join.
Respondents across stakeholder groups also offered a variety of comments, concerns and suggestions on certain aspects of the FPC. Thematically, comments focused on the FPC’s likely effectiveness and speed in achieving results; potential tradeoffs between inclusiveness and the proposed funding model; and the exact nature of the functions, authority, and Board structure of the FPC. Moving forward, these inputs from stakeholders will be an important part of the Governance Framework Formation Team’s deliberations in reworking the Operating Vision to meet the faster payments industry’s needs.
For additional findings from the survey, download and read the full report here (PDF). To stay abreast of the latest news from the GFFT and other strategic payments initiatives, join the FedPaymentsImprovement Community.