Work Groups

The Faster Payments Task Force concluded its efforts in a two-part final report – The U.S. Path to Faster Payments (Off-site) – in 2017. In the report, they outlined 10 recommendations for implementing faster payments, whereby all stakeholders collaborate to resolve the issues that will otherwise stand in the way of broad adoption; safety, integrity and trust; and interoperability, as well as take steps to make their internal systems “faster payments ready.” The Fed, also believing in continued collaboration, supported efforts laid out in these recommendations by convening industry groups to carry out the work outlined by the task force.

Governance Framework Formation Team (GFFT)

Faster payments access for allFormed in response to Recommendation #1 of the Faster Payments Task Force Final Report, the Governance Framework Formation Team (GFFT) was a short-term work group tasked with recommending a faster payments governance framework for the U.S. marketplace. The Faster Payments Task Force believed that an industry-led framework for cross-solution collaboration and decision making was needed to support achievement of faster payments.

Directories Work Group (DWG)

Formed in response to Recommendation #4 of the Faster Payments Task Force Final Report, the Directories Work Group was tasked with evaluating various payment directory models that would enable interoperability in a multi-operator faster payments ecosystem. The scope of the work group included:

  • Complete a gap analysis and benchmark of existing directories.
  • Identify a potential model(s) for directory capabilities that could facilitate payments to traverse multiple faster payments solutions.
  • Determine the best approach for standing up a body to oversee the ongoing operation and/or governance of a faster payments directory model.

Rules, Standards, Laws and Regulations Work Group (RSLRWG)

Formed in response to Recommendations #2 and #3 of the Faster Payments Task Force Final Report, the Rules, Standards, Laws and Regulations Work Group (RSLRWG) worked to evaluate existing rules, standards, laws and regulations, and identify gaps or conflicts that might inhibit faster payments. The scope of the work group included:

  • Describing how rules and standards could be used to mitigate risk, remove barriers, and encourage interoperability, ubiquity, and accessibility for faster payments.
  • Identifying and prioritize areas of laws and regulations where there is most need for change.

All three work groups have since concluded, with the GFFT launching a new, separate organization called the U.S. Faster Payments Council (FPC) (Off-site).  The outputs of the Directories and Rules, Standards, Laws and Regulations Work Groups were provided to the FPC as foundational work toward achieving faster payments ubiquity and adoption.

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