Read summaries on all the work groups and stay up to date on all the great progress underway by the work groups. Additional work group summaries and updates will be uploaded soon. Interested in joining a Work Group? Sign up here. All members are welcome.
Work Group Chair: Glenn Wheeler
Work Group Vice Chair: Steve Wasserman
September Update: The Group is working on a dynamic web display of the latest version of its Faster Payments Glossary of Terms for the FPC’s Knowledge Center. The Group’s FAQs subgroup will be presenting the content for the Faster Payments FAQs Repository to the Operations Committee in October. The Group also presented the session, “Careful What You Ask For, You Just Might Get It: Faster Payments Use Cases!,” at the Fall Meeting.
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Work Group Chair: Lee Kyriacou
Work Group Vice Chair: Amanda Compton
September Update: The Group will be launching a series of reports for financial institutions, operators, processors, and end-users that summarizes the findings on faster payments fraud and perception of fraud. The first bulletin, which includes a summary of prior fraud deliverables, current trends, mitigation techniques, and identifying gaps, will be advanced to the Operations Committee for review in Q4. The Group also presented a session at the Fall Member Meeting titled, “Managing Account Opening Risks and Screening Inbound Transactions.”
Work Group Chair: Peter Tapling
Work Group Vice Chair: Lou Grilli
September Update: The Group’s upcoming deliverable explores the role of “directory of directories” in the U.S. faster payments landscape. While developing the draft, the Group interviewed U.S. companies currently using a directory within their business and are currently outlining their findings. The Group presented a session titled, “Decoding a Complex Directory Landscape,” at the Fall Member Meeting.
Work Group Chair: Barry Tooker
Work Group Vice Chair: James Sellick
September Update: The Group completed the draft deliverable that builds on the principles from the “Cross-Border Faster Payments” white paper published in 2021 and explores the practicalities and realities of cross-border payments in a faster payments’ world. The draft will next advance to the Operations Committee for review and feedback. The Group presented a session at the Fall Member Meeting titled, “The Practicalities of Cross-Border Payments in a Faster Payments World.”
Work Group Chair: Scott Green
Work Group Vice Chair: Steve Mott
September Update: The Group is developing its next deliverable on the topic, “How QR Codes Address ‘the Last Mile’ of Adoption – Especially at POS.” The paper will examine the transactional processes and experiences for end-to-end processing, and present what capabilities (including options) might best suit the U.S. market. The Group will be presenting the draft of the paper to the Operations Committee for review and feedback in October.Download the Charter
Work Group Chair: Josh Karoly
Work Group Vice Chair: Hope Hacker
September Update: The Group is crafting an opinion piece that will address fraud and risk concerns around real-time recurring payments for merchants as well as large and small financial institutions. The Group has completed the draft outline and is compiling the full narrative on the research similarities, differences, authentication flows, and their overall findings. The Group will next advance the draft to the Operations Committee for review.Download the Charter
Work Group Chair: Dean Nolan
Work Group Vice Chair: Moa Agrell
September Update: The Group shared the draft of its first deliverable, a white paper titled “Real-Time Payment Application Program Interfaces (APIs),” with the Operations Committee for feedback and received approval. The draft is currently under review by the FPC Board and the Group plans to publish the paper in the online Knowledge Center in Q4.
Work Group Chair: Gail Hillebrand
Work Group Vice Chair: Adam Rust
September Update: The Group finalized the market survey designed to measure the commercial and product features to better understand readiness and preparation for faster payments solutions for financial inclusion. The Group received approval from the Board of Directors and will be publishing the survey to the industry at large in early October. The Group continues to collaborate with the Cross-Border Payments Work Group on a joint bulletin on bill pay and remittances to family members. The next step will be to advance an outline of the bulletin to the Operations Committee for review.
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Work Group Chair: Bo Berg
Work Group Vice Chair: Kevin Barr
September Update: The Group continues to make progress on its first deliverable, an industry resource summarizing research findings that explore disrupters and maturity, and considerations for the financial industry as they scale the adoption of digital assets for faster payments. The Group presented a session at the FPC’s Fall Meeting titled, “Digital Assets & Faster Payments: Coming of Age.”
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Work Group Chair: Miriam Sheril
Work Group Vice Chair: Tony Cook
September Update: The Group continues to work on a series of reports for financial institutions that contain guidelines for immediate and instant payments and key considerations to inform and complement their business operations. The Group recently received approval on the first report, Guideline.01(a receiver-side primer), from the Board of Directors and will be publishing it publicly in October. The Group also presented a session at the Fall Meeting titled, “Effectively Managing Operational Change for Real-Time Payments.”
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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 10 work groups:
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.
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.