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
February Update: The Group recently added new terms to its interactive Faster Payments Glossary in the FPC’s Knowledge Center. Additionally, the Group is preparing for its Spring Member Meeting session, “Sharing Current and Future Use Case Successes and Sorrows,” which will be structured as roundtable discussions on a variety of use cases for consumers, businesses, and government.
Download the CharterFraud Work Group
Work Group Chair: Lee Kyriacou
Work Group Vice Chair: TBD
February Update: The Group has launched a Focus Group Planning subgroup to gather insights on faster payments challenges, prevalent fraud types, and key concerns from various stakeholders. Additionally, the Group will host a panel session at the Spring Member Meeting titled, “Sharing Fraud Detection Data Within and Across Faster Payment Networks.”
Directory Models Work Group
Work Group Chair: Peter Tapling
Work Group Vice Chair: Lou Grilli
February Update: The Group’s received Board Approval on its latest deliverable, “How a Directory Service Accelerates Instant Payments: Consumer Bill Pay Example,” and will be publishing in the FPC’s Knowledge Center in the coming weeks. The Group is also collaborating with the APIs Work Group on a session that will be presented at the Spring Meeting titled, “Bringing Directory Capabilities to Life.”
Cross-Border Payments Work Group
Work Group Chair: Mark Majeske
Work Group Vice Chair: Jonathan Holland
February Update: The Cross-Border B2B Use Cases subgroup is conducting stakeholder interviews on problems, solutions, and operational impacts and will share the insights through an industry resource. The ISO 20022 Use Cases subgroup continues to analyze global instant payments use cases, by assessing business benefits and operational efficiency. The Group will also present a session at the Spring Member Meeting titled, “Explore New and Existing B2B Cross-Border Payment Use Cases Driving Global Faster Payments Growth.”
QR Code Interface Work Group
Work Group Chair: Keith Riddle
Work Group Vice Chair: Carolyn Serejo Cypriano
February Update: The Group received final Board approval on its report, “Overcoming Instant Payment QR Code Impediments to Adoption: Usability,” and will be publishing the resource in the Faster Payments Knowledge Center in March. Members of the QR Code Work Group will also be participating in a panel session at the Spring Member Meeting on the topic, “I Want to Offer QR Code Payments: What are the Risks to be Managed?”
Download the CharterReal-Time Recurring Work Group
Work Group Chair: Josh Karoly
Work Group Vice Chair: Andrew Gomez
February Update: The Group has completed a series of interviews with financial institutions to assess how they apply best practices from a previous report and is now reviewing key takeaways. Additionally, the Group is organizing a panel session for the Spring Member Meeting titled, “Sanctity (or Sanity) of Irrevocability.”
Download the CharterSecure Instant & Immediate Payments APIs Work Group
Work Group Chair: Moa Agrell
Work Group Vice Chair: TBD
February Update: The Group is advancing its Hackathon project, aimed at testing and refining API best practices and core functionalities. Additionally, the Group has drafted “A Faster Payments Alias Directory Model” document to outline input requirements for the Hackathon and has made further updates to the project’s Statement of Work.
Financial Inclusion Work Group
Work Group Chair: Anthony Serio
Work Group Vice Chair: Mary Mumper-Morrison
February Update: The Group’s collaborative subgroup with the Digital Assets Work Group has received final approval from the FPC Board for its report, “Digital Assets and Digital Ledger Technology: A Pathway to Financial Inclusiveness,” which is set for publication in early March. Meanwhile, the Access to Technology subgroup continues its research on “How Digital Assets Can Address Financial Inclusion Pain Points.”
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Digital Assets in the Financial Industry Work Group
Work Group Chair: Bo Berg
Work Group Vice Chair: Kevin Barr
February Update: The Group has established three subgroups—Disaster Response, Regulatory, and Stablecoins for Payments—to explore solutions to real-world challenges. Additionally, the Group will co-present a session with the Financial Inclusion Work Group at the Spring Member Meeting titled, “Bridging Innovation and Regulation: Accelerating Financial Inclusion with Digital Assets and Faster Payments.”
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Operational Considerations for Instant & Immediate Payments Work Group
Work Group Chair: Miriam Sheril
Work Group Vice Chair: Tony Cook
February Update: The Group is in the process of refining the draft of its next deliverable, “Operational Considerations for Instant Payments Send-Side Deep Dive.” The next step will be to advance the draft to the FPC Operations Committee for review and feedback.
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Business Benefits of B2B Instant Payments Work Group
Work Group Chair: Dean Nolan
Work Group Vice Chair: Stephany Kirkpatrick
February Update: The Group’s newly formed Research subgroup has begun meeting to examine market research and gather insights from AP/AR departments on key adoption challenges and opportunities. Additionally, the Group will share updates on its progress during a dedicated “B2B Work Group Update” panel session at the Spring Member Meeting.
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Instant Payments Data OptimizationWork Group
Work Group Chair: TBD
Work Group Vice Chair: TBD
February Update: *Open Call for Participation* Launching next month, this new Work Group will facilitate a collaborative effort among FIs, service providers, and payments associations to establish and promote best practices for data accuracy in instant payments. Nominations for Vice Chair of the Work Group are currently open.
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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:
Secure Instant & Immediate Payment APIs
Develops guidelines and best practices for the use of secure APIs for enrolling/onboarding users and for the initiation of instant and immediate payments, regardless of the network used.
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
Works with existing fraud sharing forums to identify enhancements that will make processes more efficient and effective, with an aim towards fostering better user experiences, bolstering confidence and trust in faster payments.
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.
Sponsored by:
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.
QR Code Interface
Promotes the adoption of faster payments by developing QR guidelines and best practices for use by end users and financial institutions.
Directory Models
Evaluates information, including reports produced by other industry-led work groups, intended to identify and assess an approach for best practices across directory models and/or dependent platforms for the faster payments ecosystem.
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.