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
December Update: The Group continues to refine and edit the member-led use case videos recorded during the Fall Member Meeting, with plans to make the final versions publicly available. The Group is also developing a combined “What’s Your Favorite Use Case?” video to be shared at the Spring Member Meeting. Additionally, the Group is collaborating 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
December Update: The Group’s Survey Subgroup is analyzing recent survey results on fraud challenges and barriers to instant payments adoption. The Dispute Resolution Subgroup is advancing its report, “Synthesized Summary on Fraud Disputes in Instant Payments,” including a comparative grid of dispute processes across payment types. The Group is also evaluating a response to the FDIC’s recent Notice of Proposed Rulemaking.
Cross-Border Payments Work Group
Work Group Chair: Mark Majeske
Work Group Vice Chair: Jonathan Holland
December Update: The Group's B2B Cross-Border Use Case Subgroup has finalized a draft of its upcoming report, “B2B Cross-Border Payments: Expert Insights on Faster Payments Adoption,” which will advance to the FPC Board for final approval in January. In parallel, the Group’s Stablecoin for Cross-Border Payments collaborative subgroup, in partnership with the Digital Assets Work Group, is actively developing a draft deliverable. The Group has also received Board approval for its updated charter.
Real-Time Recurring Work Group
Work Group Chair: Josh Karoly
Work Group Vice Chair: Andrew Gomez
December Update: The Group has finalized the draft of its report, “Instant Recurring Payments: Unlocking Opportunities in High-Growth Vertical Markets,” providing guidance and resources for merchants exploring recurring payment opportunities. The Group is incorporating feedback from the Operations Committee with plans to advance to the FPC Board for final review in January.
Download the CharterFinancial Inclusion Work Group
Work Group Chair: Anthony Serio
Work Group Vice Chair: Mary Mumper-Morrison
December Update: The Group’s Access to Technology Subgroup has finalized the draft of its next deliverable, a blog post on “Digital Access as a Prerequisite for Financial Access: Bridging the Divide Between Connectivity, Capability, and Inclusion.” The Group has advanced the draft to the FPC Operations Committee for review and feedback.
Download the Charter
Digital Assets in the Financial Industry Work Group
Work Group Chair: Bo Berg
Work Group Vice Chair: Kevin Barr
December Update: The Group's Digital Identity for Payments Subgroup recently published its latest blog, “The Imperative of Digital Identity for Financial Institutions.” Meanwhile, the Group’s other subgroups, including Blockchain Use Cases, Stablecoin for Cross-Border Payments, Digital Assets Glossary Terms, and Payments Innovation, continue to make steady progress on their respective deliverables and ongoing initiatives.
Download the CharterOperational Considerations for Instant & Immediate Payments Work Group
Work Group Chair: Miriam Sheril
Work Group Vice Chair: TBD
December Update: The Group has drafted its next deliverable, “Operational Considerations for Non-Value Messages,” which is now under review by Work Group members. Once finalized, the draft will be shared with the Operations Committee for review and feedback. The Group is also currently accepting nominations for Vice Chair of the Work Group.
Download the CharterBusiness Benefits of B2B Instant Payments Work Group
Work Group Chair: Dean Nolan
Work Group Vice Chair: Andres Garbarini
December Update: The Group has secured final Board approval for two new blog posts, “The Value of ISO 20022 for B2B Instant Payments” and “B2B Instant Payments + E-Invoicing: A Perfect Marriage,” both slated for publication in January. In addition, three more blog posts are currently under review by Work Group members.
Download the CharterInstant Payments Data Optimization Work Group
Work Group Chair: TBD
Work Group Vice Chair: TBD
December 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
December 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
December 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.