A draft framework for a faster payments governance organization to be called the U.S. Faster Payments Council is now available for broad industry review and feedback. The goal of the proposed U.S. Faster Payments Council is a ubiquitous, world-class system in 2020 where Americans can safely and securely pay anyone, anywhere, at any time and with immediate funds availability.
- The U.S. Faster Payments Council represents the work of the Governance Framework Formation Team (GFFT), a diverse group of payments industry stakeholders that was established by the former Faster Payments Task Force to advance the first recommendation of the Task Force’s final report (Off-site, PDF).
- The GFFT’s goal is to develop a faster payments governance framework, inclusive of all stakeholders, to make decisions to facilitate interoperability and achieve ubiquity of faster payments in 2020, as well as navigate future challenges as technology and end-user needs evolve. Establishing an industry governance framework is critical to sustaining progress and successfully executing many of the task force’s recommendations.
- The GFFT is now seeking broad industry feedback on the draft Operating Vision (PDF) of the proposed U.S. Faster Payments Council. The design remains a work in progress, with a number of open issues, including the Board and funding structure. Your feedback is important to ensure the U.S. Faster Payments Council meets industry needs.
Why is the U.S. Faster Payments Council needed?
A number of new and innovative faster payment solutions have come to market in the United States and others may be emerging soon. The proposed organization would focus on private-sector approaches to solving problems and removing barriers to achieving ubiquity. Achieving ubiquity means facilitating interoperability so that transactions flow across solutions in a seamless way. It also means enabling all end users to receive faster payments from any and all payers, as this will make origination of faster payments more attractive to payers and drive overall adoption.
In 2020, here’s what a ubiquitous, world-class faster payment system would look like:
- Payments and payment information move seamlessly for end users, regardless of the varied solutions they may be using;
- Effective cross-solution risk management enables trust and public confidence in the safety and security of these new, interoperable faster payments to flourish;
- Payers and payees receive confirmation of a payment within seconds, even when the payment moves across solutions; and
- All parties have equitable access to efficiently resolve disputes and errors.
Your voice matters!
Visit FedPaymentsImprovement.org to learn more and respond to an online survey, available now through June 22. Your feedback on the draft Operating Vision is vital to inform next steps in the U.S. faster payments ecosystem. Also, watch for information on upcoming webinars and conference presentations. And as always, stay tuned for updates on the FedPayments Improvement Community.