Journey to Faster Payments

The Faster Payments Task Force

The FPC is the culmination of a multi-year initiative that started with 320+ industry stakeholders coming together, with Federal Reserve support, as the Faster Payments Task Force. In its final report published in 2017, the task force directed the Governance Framework Formation Team (GFFT) to develop and implement a faster payments governance framework, inclusive of all stakeholders, to facilitate ubiquity of faster payments in the United States.

After considering diverse and substantial comments on a draft framework in the spring of 2018, the GFFT finalized what is now today’s Operating Vision for the U.S. Faster Payments Council.

Strategic Groundwork for the FPC

• 2015: Strategies for Improving the U.S. Payment System
• 2016: Faster Payments Effectiveness Criteria
• Winter 2017: The U.S. Path to Faster Payments, Part One
• Summer 2018: Industry feedback report on GFFT Operating Vision.