Reed Luhtanen, Executive Director, FPC
What a fantastic few days we just had at the FPC’s Spring Member Meeting! Even amidst this busy conference season, we had an outstanding turnout to examine recent faster payments work efforts, learn about the latest developments, and plan for what is to come.
For instance, with the release of How a Directory Service Accelerates Instant Payments earlier this month, we were able to share highlights from the report, developed by the Directory Models Work Group. The report provides a detailed examination of how directory services can enhance the efficiency, security, and reach of instant payments, and through our meeting discussions, we gathered Member thoughts on how directories will be used by the industry, how technologies like APIs and others can enable directories, and other important considerations to help ensure future guidance.
We also had a chance to survey the changing payments landscape during the Spring Member Meeting. With emerging areas of focus, there is a lot affecting the current environment. Take for instance the recent Presidential Executive Order, which supports the modernization of government payments. The Order mandates the government switch from paper checks to electronic payments methods for all disbursements, as well as the collection of taxes, fines, fees, etc. by September 30, 2025. Or consider open banking and the upcoming CFPB 1033 Rule. This rule would establish a framework for consumers to access, use, and control their personal financial data. As such, it will require financial service providers to share with consumers and authorized third parties information about their financial products and services like transaction history, account balances, and more.
These initiatives will directly impact many FPC Members, and the larger industry, which is why it was so important to have the chance to discuss these newer developments in detail. And the Spring Member Meeting provided the occasion to do just that, while uncovering the ways faster payments can enhance and support these new initiatives.
It was definitely an enlightening, informative, and inspiring Spring Member Meeting. Up next is the FPC’s Fall Member Meeting, which is bound to be another illuminating FPC event that will examine and drive forward the initiatives most critical to advancing faster payments.
If you want to play a part in the faster payments movement, consider FPC Membership. It provides you with the opportunity to attend FPC Meetings, participate in Work Groups, engage with others supporting faster payments advancement, and so much more. Learn more and consider joining today.