Friday, June 22 is the deadline to comment on the draft framework for an organization to be named the U.S. Faster Payments Council. The framework was proposed by the Governance Framework Formation Team (GFFT), a diverse group of payments industry stakeholders that evolved from the Faster Payments Task Force and the recommendations in its final report (Off-site) published last July.
Action Item:Visit the GFFT (Off-site) page for more information on the proposed U.S. Faster Payments Council, and provide your feedback by June 22 via our online survey (Off-site).
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, while benefiting from:
- Payments and payment information that move seamlessly for end users, regardless of the varied solutions they may be using
- Effective cross-solution risk management that enables trust and public confidence in the safety and security of these new, interoperable faster payments to flourish
- Payers and payees receiving confirmation of a payment within seconds, even when the payment moves across solutions
- All parties having equitable access to efficiently resolve disputes and errors
The framework design remains a work in progress with a number of open issues, including the board and funding structure. That’s why your feedback is important to ensure the U.S. Faster Payments Council meets industry needs.
If you haven’t already, join the FedPayments Improvement Community (Off-site) for updates on the U.S. Faster Payments Council and other payments improvement initiatives. Check out our article “Three reasons to join the FedPayments Improvement Community” to learn more.