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
November Update: The Group is continuing its review and editing of the member-led use case videos recorded during the Fall Member Meeting. It is also creating a combined “What’s your favorite use case?” video that will be shared at the Spring Member Meeting. In addition, the Group is working with the Digital Assets Work Group to introduce 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
November Update: The Group’s Survey Subgroup is conducting a detailed analysis of its recent survey results on financial institutions’ perspectives related to fraud challenges and barriers to instant payments adoption. The Dispute Resolution Subgroup is also advancing its upcoming report, “Synthesized Summary on Fraud Disputes in Instant Payments,” and has developed a comparative grid that examines dispute processes across multiple payment types.
Cross-Border Payments Work Group
Work Group Chair: Mark Majeske
Work Group Vice Chair: Jonathan Holland
November Update: The Group's B2B Cross-Border Use Case Subgroup is refining the draft of its forthcoming report, “B2B Cross-Border Payments: Expert Insights on Faster Payments Adoption,” based on feedback from the Operations Committee. The Group has also completed updates to its charter, which has moved through Operations Committee approval and is now under review by the FPC Board.
Real-Time Recurring Work Group
Work Group Chair: Josh Karoly
Work Group Vice Chair: Andrew Gomez
November Update: The Group has advanced its work on “Instant Recurring Payments: Unlocking Opportunities in High-Growth Vertical Markets,” finalizing a draft that outlines guidance and resources for merchants evaluating recurring payment opportunities. The draft is now with the Operations Committee for its review and feedback.
Download the CharterFinancial Inclusion Work Group
Work Group Chair: Anthony Serio
Work Group Vice Chair: Mary Mumper-Morrison
November Update: The Group’s Access to Technology Subgroup has prepared a draft outlining key findings from its interview-based research on how digital tools can support financial inclusion. Volunteers are now developing sections of the deliverable that address the current landscape, education and training needs, future directions, and related challenges and opportunities.
Download the Charter
Digital Assets in the Financial Industry Work Group
Work Group Chair: Bo Berg
Work Group Vice Chair: Kevin Barr
November Update: The Group's Digital Identity for Payments Subgroup has received Operations Committee approval for its upcoming blog, “The Imperative of Digital Identity for Financial Institutions,” and the draft is now with the FPC Board for review. The Group’s additional subgroups, including Blockchain Use Cases, Stablecoin for Cross-Border Payment, Digital Assets Glossary Terms, and Payments Innovation, continue to make steady progress on their deliverables and ongoing initiatives.
Download the CharterOperational Considerations for Instant & Immediate Payments Work Group
Work Group Chair: Miriam Sheril
Work Group Vice Chair: Tony Cook
November Update: The Group is developing its next deliverable, “Operational Considerations for Non-Value Messages,” and has finalized the report outline. Members are now researching and drafting content for eight sections covering topics such as non-value message overviews, request for payment and return of funds, remittance and system messages, fraud and risk considerations for financial institutions, compliance and rules frameworks, and technology and processing requirements.
Download the CharterBusiness Benefits of B2B Instant Payments Work Group
Work Group Chair: Dean Nolan
Work Group Vice Chair: Andres Garbarini
November Update: The Group has completed drafts of two new blog posts: 1) The Value of ISO 20022 for B2B Instant Payments and 2) B2B Instant Payments + E-Invoicing: A Perfect Marriage. The blog drafts were approved by the FPC Operations Committee and have been advanced to the FPC Board for approval. The Group has an additional three blog posts currently under review by work group members.
Download the CharterInstant Payments Data Optimization Work Group
Work Group Chair: TBD
Work Group Vice Chair: TBD
November 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
November 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
November 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.