Work Group Summaries and Progress Updates
Read summaries on all the work groups and stay up to date on all the great progress underway by the work groups. Interested in joining a Work Group? Sign up here. All members are welcome.
Education & Awareness Work Group
Work Group Chair: Glenn Wheeler
Work Group Vice Chair: Steve Wasserman
October Update: The Group is reviewing the series of member-led use case videos recorded during the Fall Member Meeting and is in the process of editing them for release. The Group is also evaluating whether the videos will be shared with members only or made publicly available. In addition, the Group is collaborating with the Digital Assets Work Group to add new terms and definitions to the Faster Payments Glossary.
Fraud and Scam Mitigation for Faster Payments Work Group
Work Group Chair: Lee Kyriacou
Work Group Vice Chair: Shelley Rojano
October Update: The Group’s Survey Subgroup has closed its survey capturing financial institutions’ perspectives on barriers to instant payments adoption, with a focus on fraud-related concerns. The Group is now analyzing the survey results, while the Dispute Resolution Subgroup continues advancing its upcoming report, “Synthesized Summary on Fraud Disputes in Instant Payments.”
Cross-Border Payments Work Group
Work Group Chair: Mark Majeske
Work Group Vice Chair: Jonathan Holland
October Update: The Group's B2B Cross-Border Use Case Subgroup has completed the draft of its upcoming report, “B2B Cross-Border Payments: Expert Insights on Faster Payments Adoption,” which is now under review by the Operations Committee. The Group has also updated its charter, currently being reviewed by the Committee.
Real-Time Recurring Work Group
Work Group Chair: Josh Karoly
Work Group Vice Chair: Andrew Gomez
October Update: The Group has completed the draft of its upcoming report, “Instant Recurring Payments: Unlocking Opportunities in High-Growth Vertical Markets,” which provides merchants with practical insights and resources for building a business case around instant recurring payments. The draft has been shared with the Operations Committee for review and feedback.
Download the CharterFinancial Inclusion Work Group
Work Group Chair: Anthony Serio
Work Group Vice Chair: Mary Mumper-Morrison
October Update: The Group’s Access to Technology Subgroup has developed a comprehensive draft summarizing key findings from its interview-based research on how digital tools can support financial inclusion. The Group is currently determining the most effective format to present these findings and is in the final stages of that process. The goal is to present the final draft to the Operations Committee in Q4.
Download the Charter
Digital Assets in the Financial Industry Work Group
Work Group Chair: Bo Berg
Work Group Vice Chair: Kevin Barr
October Update: The Group's Digital Identity for Payments Subgroup has completed the draft of its upcoming blog, “The Imperative of Digital Identity for Financial Institutions,” which examines how evolving digital identities can enable faster payments, particularly for commercial use cases and has been advanced to the FPC Operations Committee for review. The Group’s other subgroups, including Blockchain Use Cases, Stablecoin for Cross-Border Payment, Digital Asset Merchant Acceptance, and Payments Innovation, continue advancing their respective deliverables and initiatives.
Download the CharterOperational Considerations for Instant & Immediate Payments Work Group
Work Group Chair: Miriam Sheril
Work Group Vice Chair: Tony Cook
October Update: The Group has begun developing its next deliverable, “Operational Considerations for Non-Value Messages”, and created an outline for the report. Several members have volunteered to research and draft content for each section.
Download the CharterBusiness Benefits of B2B Instant Payments Work Group
Work Group Chair: Dean Nolan
Work Group Vice Chair: Andres Garbarini
October Update: The Group recently published its first blog in a new series, Getting Paid Faster in B2B: How Instant Payments Help Reduce DSO and Improve Access to Capital. Following this, two additional blog drafts have been finalized—one exploring the value of ISO 20022, and the other emphasizes the necessity of e-invoicing convergence. Both of which have been advanced to the FPC Operations Committee for review. Meanwhile, the next blog focuses on the rising threat of micro-transaction fraud in B2B instant payments and is in its final stage of Work Group approval. Looking ahead, the Group is actively reviewing three more blog topics currently in queue.
Download the Charter
Instant Payments Data Optimization Work Group
Work Group Chair: TBD
Work Group Vice Chair: TBD
October Update: *Open Call for Participation* Set to launch soon, this new Work Group will bring together financial institutions, service providers, and payments associations to establish and promote best practices for enhancing data accuracy in instant payments. Nominations for the roles of Chair and Vice Chair are also open.
Download the Charter
Exception Resolution for Account-Based Payments Work Group
Work Group Chair: TBD
Work Group Vice Chair: TBD
October Update: *Open Call for Participation* This new Work Group will enhance consumer protections and build trust in instant payments by developing best practices for resolving disputes, fraud, scams, and other exceptions. Drawing on insights from both domestic and international payment networks, the group will create a flexible framework to improve exception handling across the industry. Nominations for the roles of Chair and Vice Chair are also open.
Download the Charter
Faster Payments User Experience Work Group
Work Group Chair: TBD
Work Group Vice Chair: TBD
October Update: *Open Call for Participation* This new Work Group will accelerate the adoption of faster payments by enabling functional user experiences. The Group will aim to mitigate inconsistent user experiences by encouraging stakeholders to collaborate more effectively to ensure that the evolving faster payments landscape remains accessible, efficient, ubiquitous, and scalable for all end users.
Work Groups Are Where It's At!
Are you interested in having a voice on issues that currently stand in the way of achieving faster payments ubiquity in the United States? The FPC is currently recruiting members for 12 work groups:
Real-Time Recurring
Promotes the development and adoption of real-time recurring payment solutions for business end users and financial institutions.
Sponsored by:
Education & Awareness
Develops an educational and awareness program to foster better understanding of faster payments and confidence among providers and users, ultimately driving adoption and transaction volumes, toward the industry goal of ubiquity.
Sponsored by:
Faster Payments User Experience
Aims to mitigate inconsistent user experiences by encouraging stakeholders to collaborate more effectively to ensure the evolving faster payments landscape remains accessible, efficient, ubiquitous, and scalable for all end users.
Sponsored by:
Cross-Border Payments
Gathers information/input on various models and use cases where there is a need or desire by consumers and businesses for real-time payments across borders.
Sponsored by:
Fraud and Scam Mitigation for Faster Payments
Focuses on collectively addressing fraud and scam issues involving faster payments, which can affect fundamental trust in faster payment systems and require heightened or different operational controls, risk management, and end-user education.
Financial Inclusion
Provides a blueprint for leveraging faster payments to accelerate access to the financial system for unbanked and underserved Americans.
Sponsored by:
Operational Considerations for Instant & Immediate Payments
Provides financial institutions with guideposts to effectively manage operational change that instant and immediate payments have on bank operations.
Sponsored by:
Business Benefits of B2B Instant Payments
Accelerates the adoption of instant payments for businesses by addressing key challenges and identifying best practices with B2B Instant Payments.
Digital Assets in the Financial Industry
Maps out how digital assets relate to the financial industry, focusing specifically on payments made with digital funds – central bank digital currency (CBDC), regulated liabilities and stablecoin.
Instant Payments Data Optimization
Facilitates a collaborative effort among financial institutions, service providers, and payments associations to establish and promote best practices for data accuracy in instant payments, ensuring a smooth and secure transition from traditional to instant payments.
Exception Resolution for Account-Based Payments
Develops recommendations and best practices for exception resolution, which includes disputes, scams, fraud, and questions [or customer inquiries], specific to account-based payments, including ACH and instant payments.