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
March Update: The Group’s Glossary subgroup continues to expand the interactive Faster Payments Glossary in the FPC’s Knowledge Center by identifying and defining new terms. Additionally, the Group is preparing for its Spring Member Meeting session, “Sharing Current and Future Use Case Successes and Sorrows,” which will feature roundtable discussions on a range of use cases for consumers, businesses, and government.
Download the CharterFraud Work Group
Work Group Chair: Lee Kyriacou
Work Group Vice Chair: TBD
March Update: The Group has established a Focus Group Planning subgroup to collect valuable insights on the challenges of faster payments, the most common fraud threats, and the concerns of various stakeholders. In addition, the Group will lead a panel session at the Spring Member Meeting, “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
March Update: The Group will publish its latest deliverable, “How a Directory Service Accelerates Instant Payments: Consumer Bill Pay Example,” in the FPC’s Knowledge Center in early April. Additionally, the Group is partnering with the API Work Group to present the session, “Bringing Directory Capabilities to Life,” at the Spring Member Meeting.
Cross-Border Payments Work Group
Work Group Chair: Mark Majeske
Work Group Vice Chair: Jonathan Holland
March Update: The ISO 20022 Use Cases subgroup is currently developing key content for its upcoming deliverable. The Cross-Border B2B Use Cases subgroup has completed stakeholder interviews gathering insights on challenges, solutions, and operational impacts, with plans to share findings in an industry resource. Additionally, the Group is preparing to present, “Explore New and Existing B2B Cross-Border Payment Use Cases Driving Global Faster Payments Growth,” at the Spring Member Meeting.
QR Code Interface Work Group
Work Group Chair: Keith Riddle
Work Group Vice Chair: Carolyn Serejo Cypriano
March Update: The Group recently published its latest report, “Overcoming Instant Payment QR Code Impediments to Adoption: Usability,” in the Faster Payments Knowledge Center. Additionally, members of the QR Code Work Group will participate in a panel session at the Spring Member Meeting titled, “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
March Update: The Group has wrapped up a series of interviews with financial institutions to evaluate how best practices from a previous report are being implemented and is now analyzing key findings. The Group will also be presenting a panel session at 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
March Update: The Group is making significant progress on its Hackathon initiative in collaboration with the Directory Models work group, designed to evaluate and enhance API best practices and core functionalities. As part of this effort, the Group has developed, “A Faster Payments Alias Directory Model” to define key input requirements and has also refined the project’s Statement of Work with additional updates.
Financial Inclusion Work Group
Work Group Chair: Anthony Serio
Work Group Vice Chair: Mary Mumper-Morrison
March Update: The Group recently published its collaborative report with the “Digital Assets Work Group, Digital Assets and Digital Ledger Technology: A Pathway to Financial Inclusiveness,” in the Faster Payments Knowledge Center. Additionally, the Group’s Access to Technology subgroup is continuing 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
March Update: The Group’s Regulatory subgroup has completed a new blog post, “Digital Asset and Stablecoin Regulation: U.S. Faster Payments are Shaping the Future,” which is currently under review by the Operations Committee. 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
March Update: The Group has finalized the draft of its upcoming deliverable, “Operational Considerations for Instant Payments Send-Side Deep Dive,” and it is now being reviewed by the full work group. Following this review, the draft will be submitted to the FPC Operations Committee for additional feedback and approval.
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Business Benefits of B2B Instant Payments Work Group
Work Group Chair: Dean Nolan
Work Group Vice Chair: Stephany Kirkpatrick
March Update: The Group has outlined a six-month roadmap, beginning with a 90-day effort to gather stakeholder insights. As part of this initiative, the Driving B2B Instant Payments Adoption through Use Cases subgroup is conducting a market scan informed by collective industry perspectives. Looking ahead, the Group will present, “Real-Time Revolution: The Instant Payments Edge for B2B,” at the Spring Member Meeting.
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Instant Payments Data OptimizationWork Group
Work Group Chair: TBD
Work Group Vice Chair: TBD
March Update: *Open Call for Participation* Launching soon, this new Work Group will bring together FIs, service providers, and payments associations to collaboratively establish and promote best practices for data accuracy in instant payments. Nominations for Chair and Vice Chair of the Work Group are currently 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 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.
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.