On November 13, the Governance Framework Formation Team (GFFT) (Off-site) launched a new, widely anticipated payments organization – the U.S. Faster Payments Council (FPC). The 27-member GFFT established the FPC to help realize the vision of a ubiquitous, world-class payment system where Americans can safely and securely pay anyone, anywhere, at any time and with near-immediate funds availability.
With the Faster Payments Task Force’s Effectiveness Criteria (Off-site) as a touchstone, the mission of the FPC is to:
- Work with all stakeholders to meet evolving end-user needs by advancing the faster payments ecosystem
- Drive the emerging faster payments infrastructure toward ubiquity
- Foster a high-quality and secure user experience for all
- Support widespread use of faster payments
By design, the FPC provides an inclusive and transparent forum for collaboration and problem solving and encourages a diverse range of perspectives in building the roadmap to ubiquitous faster payments. The FPC is a fee-based member organization and is open to all stakeholders in the U.S. payment system, from payment service providers to businesses and other end users.
In its first two years, the FPC will channel its resources toward the most pressing issues that are inhibiting adoption of faster payments. Its activities will include:
- Supporting adoption of practices that enhance safety and security for service providers and users of faster payments
- Identifying, developing and supporting principles, guidelines and market practices that will address opportunities and emerging issues in an open and collaborative way
- Developing an education and awareness program to foster better understanding of faster payments
The GFFT formed the FPC in response to a key recommendation by the Faster Payments Task Force to develop and implement a faster payments governance framework, inclusive of all stakeholders, to facilitate ubiquity of faster payments in the U.S. A number of GFFT members have already committed to being founding members and will lead establishment activities for the new organization.