A proposed faster payments governance framework – for an organization to be named the U.S. Faster Payments Council – is now available for 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 with immediate funds availability.
The U.S. Faster Payments Council is the work of the Governance Framework Formation Team (GFFT) (Off-site), a diverse group of payments industry stakeholders that the Faster Payments Task Force appointed to advance the first recommendation of its final report (Off-site), published last July. The GFFT’s goal is to develop a faster payments governance framework that:
- Includes all stakeholders
- Makes decisions to facilitate cross-solution payments and achieve ubiquity of faster payments in 2020
- Navigates future challenges as technology and end-user needs evolve
The proposed governance framework is critical to sustaining progress and successfully executing many of the task force’s recommendations. Because of its focus on facilitating dialogue and collaboration across the wide array of faster payments stakeholders, the proposed U.S. Faster Payments Council will be in a unique position to solve problems that stand in the way of achieving ubiquity.
In May and June, the GFFT is seeking broad industry feedback on the U.S. Faster Payments Council framework proposal.