Payments Industry Leaders
Launch U.S. Faster Payments Council
From The Federal Reserve Bank - The Governance Framework Formation Team today announced the formation of a new, widely anticipated payments organization – the U.S. Faster Payments Council (FPC). The mission of the FPC is to facilitate ubiquitous faster payments, enabling all Americans to safely and securely pay anyone, anywhere, at any time and with near-immediate funds availability.
By design, the FPC encourages a diverse range of perspectives in building the roadmap to ubiquitous payments and is open to all stakeholders in the U.S. payment system. By embracing a diverse member audience, including financial institutions, payment network operators, technology providers, consumer and business end users, and individuals with a professional interest in improving the payment system, the FPC will tackle challenges that may be more difficult to address through bilateral cooperation alone.
To hit the ground running, the FPC will channel its resources toward the most pressing issues that are inhibiting faster payments ubiquity. In its first two years, the organization will focus on:
- 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 FPC’s structure, operations and activities are designed to adhere to the FPC’s fundamental principles of inclusiveness, fairness, flexibility, responsiveness and transparency. Through diverse representation on the FPC Board and open opportunities to serve on committees and work groups, all active members have a voice in the direction of the work.