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 started a project to enhance its library of faster payments use case stories. This initiative includes conducting member interviews and collecting insights to create a more comprehensive resource, offering the industry a wider array of practical examples. Additionally, the Group is currently reviewing new terms to be added to its Faster Payments Glossary.
Download the CharterFraud Work Group
Work Group Chair: Lee Kyriacou
Work Group Vice Chair: TBD
December Update: The Group received final approval from the FPC Board on its latest deliverable, “International Practices in Mitigating Faster Payments Fraud,” and recently published it in the FPC’s Knowledge Center. This new report explores anti-fraud controls for faster payments, highlighting key mitigation strategies, prevalent fraud typologies, and global examples of preventative measures.
Directory Models Work Group
Work Group Chair: Peter Tapling
Work Group Vice Chair: Lou Grilli
December Update: The Group’s Use Cases subgroup is finalizing the draft of its next deliverable, “How a Directory Service Accelerates Instant Payments: Consumer Bill Pay Example,” with a focus on a C2B use case. Additionally, the Directory Market Practices subgroup continues to examine the key considerations for implementing an open alias directory.
Cross-Border Payments Work Group
Work Group Chair: Mark Majeske
Work Group Vice Chair: Jonathan Holland
December Update: The Group's ISO 20022 Use Cases subgroup is finalizing the focus of its next deliverable, with the potential for a series of deliverables. Members of the Group’s B2B Use Cases subgroup recently interviewed a subject matter expert in the international payments space, and they are in the process of identifying other organizations to interview. Additionally, the Group is developing a session proposal for the Spring Meeting.
QR Code Interface Work Group
Work Group Chair: Keith Riddle
Work Group Vice Chair: Carolyn Serejo Cypriano
December Update: The Group is in the process of refining its paper, “QR Codes: Understanding and Overcoming Impediments to Usability & Adoption of Instant Payments Across Industries.” This deliverable will explore how QR codes can enhance efficiency and customer experiences across sectors like restaurants, small businesses, and grocery stores, highlighting their potential to drive broader adoption of instant payments. The Group also plans to start drafting its next deliverable for mid-market and SMB segments.
Download the CharterReal-Time Recurring Work Group
Work Group Chair: Josh Karoly
Work Group Vice Chair: Andrew Gomez
December Update: The Group is collaborating with industry stakeholders to evaluate the adoption of real-time recurring payment practices, concentrating on standing approvals, notifications, and cancellations. To support this effort, the Group has been interviewing financial institutions to gain insights into how they implement best practices highlighted in a prior report. Additionally, the Group is developing a session proposal for the Spring Member Meeting.
Download the CharterSecure Instant & Immediate Payments APIs Work Group
Work Group Chair: Moa Agrell
Work Group Vice Chair: TBD
December Update: The Group continues to prepare for its Hackathon project aimed at testing and refining API best practices and core functionalities. The Group has made updates to the project’s Statement of Work, and they are collaborating with the Directory Models Work Group on what directory information is required for developers for the Hackathon.
Financial Inclusion Work Group
Work Group Chair: Anthony Serio
Work Group Vice Chair: Mary Mumper-Morrison
December Update: The Group’s collaborative subgroup with the Digital Assets Work Group has submitted the draft of their upcoming report titled, “Digital Assets and Digital Ledger Technology: A Pathway to Financial Inclusiveness.” to the Operations Committee. Additionally, the Access to Technology subgroup is continuing research for a deliverable on the topic, “How Digital Assets Can Address Financial Inclusion Pain Points.” The Group is also reviewing ideas for a Spring Member Meeting session proposal.
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Digital Assets in the Financial Industry Work Group
Work Group Chair: Bo Berg
Work Group Vice Chair: Kevin Barr
December Update: The Group received final approval from the FPC Board and recently published its sixth blog, “Digital Wallet in Support of Digital Assets for Instant Payments.” The Group has started to work on blog.07 that will focus on FEMA/disaster response and creating a session proposal for the Spring Member Meeting.
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Operational Considerations for Instant & Immediate Payments Work Group
Work Group Chair: Miriam Sheril
Work Group Vice Chair: Tony Cook
December Update: The Group received final approval from the FPC Board on its next deliverable, “Guideline.02: Operational Considerations for Instant Payments Send-Side Primer,” and will be publishing the resource in January. This guideline provides high-level insights into key priorities for expanding instant payment capabilities beyond receive functionality. Members of the Group also recently presented on an FPC Town Hall.
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Business Benefits of B2B Instant Payments Work Group
Work Group Chair: Dean Nolan
Work Group Vice Chair: Stephany Kirkpatrick
December Update: *Open Call for Participation* This newly launched Work Group will tackle critical challenges and identify best practices to streamline B2B instant payments. Group members are currently collaborating on the development of the Work Group Charter, deliverables, and a 90-day plan.
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Instant Payments Data OptimizationWork Group
Work Group Chair: TBD
Work Group Vice Chair: TBD
December Update: *Open Call for Participation* Launching in early 2025, 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 Chair and Vice Chair are also open.
Download the Charter
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 11 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:
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.
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:
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:
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.
Co-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.