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: TBD
Work Group Vice Chair: Steve Wasserman
February Update: The Group has finalized its consolidated “What’s Your Favorite Use Case?” video, filmed during the Fall Member Meeting, and will debut it at the upcoming Spring Member Meeting. Members are also continuing to collaborate with the Digital Assets Work Group to expand the Faster Payments Glossary with additional terms and definitions.
Fraud and Scam Mitigation for Faster Payments Work Group
Work Group Chair: Lee Kyriacou
Work Group Vice Chair: Shelley Rojano
February Update: The Group received Board approval to submit comments on the FDIC’s Notice of Proposed Rulemaking on application approval requirements for stablecoin issuers. The FPC will recommend strengthening Section 4 (Policies) by requiring that application materials include risk‑management and fraud/scam‑mitigation policies. The Group’s Dispute Resolution Subgroup has also finalized the draft of its report, “Instant Payments Fraud Dispute Resolution: Guiding Principles for a U.S. Framework,” which features a comparative grid outlining dispute processes across payment types. At the Spring Member Meeting, the Group will also lead the session, “From Barriers to Breakthroughs: Tackling Fraud in Instant Payments Adoption.”
Cross-Border Payments Work Group
Work Group Chair: Mark Majeske
Work Group Vice Chair: Jonathan HollandF
February Update: The Group recently published its latest report, “B2B Cross-Border Payments: Expert Insights on Faster Payments Adoption.” The Group is also forming a new subgroup: Interoperability/Cross Chain Liquidity/Closing the Last Mile. Additionally, the Group will be presenting at the Spring Member Meeting on the topic, “B2B Cross-Border Payments: Expert Insights on Faster Payments Adoption.”
Instant Recurring Payments Work Group
Work Group Chair: Josh Karoly
Work Group Vice Chair: Andrew Gomez
February Update: The Group will publish its next deliverable, “Instant Recurring Payments: Unlocking Opportunities in High-Growth Vertical Markets,” in early March. The white paper provides practical guidance and resources for merchants evaluating recurring payment opportunities.
Download the CharterFinancial Inclusion Work Group
Work Group Chair: Anthony Serio
Work Group Vice Chair: Mary Mumper-Morrison
February Update: The Group recently published a new blog post, “Digital Access as a Prerequisite for Financial Access: Bridging the Divide Between Connectivity, Capability, and Inclusion,” highlighting the critical link between digital connectivity and financial participation and serves as the precursor to the forthcoming detailed report, soon to be released to the Operations Committee, that examines how technology access, digital literacy, infrastructure, and user experience affect financial inclusion.
Download the Charter
Digital Assets in the Financial Industry Work Group
Work Group Chair: Bo Berg
Work Group Vice Chair: Kevin Barr
February Update: The Group’s Blockchain Use Cases, Stablecoin for Cross-Border Payments, Digital Assets Glossary Terms, and Payments Innovation subgroups continue advancing key deliverables and initiatives. The newer Economics of Digital Currencies and GENIUS Act/Regulatory/General Legislation subgroups are identifying and prioritizing topics for future work. At the Spring Member Meeting, the Group will lead two sessions: “Stablecoins in Cross-Border Payments: From Direct Settlement to Embedded Infrastructure” and “The GENIUS Act: Control or Chaos?”
Download the CharterOperational Considerations for Instant & Immediate Payments Work Group
Work Group Chair: Miriam Sheril
Work Group Vice Chair: Dustin Martin
February Update: The Group is finalizing its next deliverable, “Operational Considerations for Non-Value Messages,” incorporating feedback from Work Group members before advancing the draft to the Operations Committee for review. In addition, Dustin Martin of U.S. Bank has been named 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
February Update: The Group has two blog posts, “B2B Instant Payments: The $10 Million Moment - Unlocking the Next Frontier” and “Stablecoins in B2B Payments: A Domestic Opportunity for U.S. Banks and Credit Unions,” were both approved by the Operations Committee and are advancing to the Board. At the same time, the Group is finalizing the draft of a new whitepaper, “From Bottleneck to Command Center: Embedding Instant Payments in Enterprise Research Planning (ERP).” The Group is also getting ready to present the session, “Opportunities for B2B Instant Payments,” at the Spring Member Meeting.
Instant Payments Data Optimization Work Group
Work Group Chair: Satya Vandrangi
Work Group Vice Chair: TBD
February Update: This new Work Group launches March 5, and there is still time for interested members to join. This Group will bring together financial institutions, service providers, and payments associations to establish and promote best practices for enhancing data accuracy in instant payments. Satya Vandrangi or Amazon was appointed Chair of the Work Group. Nominations for the role of Vice Chair are currently open. Interested members may reach out to memberservices@fasterpaymentscouncil.org.
Download the Charter
Exception Resolution for Account-Based Payments Work Group
Work Group Chair: Kimberly Stachak
Work Group Vice Chair: TBD
February Update: This new Work Group launches March 10, and there is still time for interested members to join. The Group will focus on strengthening consumer protections and building 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. Kimberly Stachak of UMACHA was named Chair of the Work Group. Nominations are now open for Vice Chair. Interested members may reach out to memberservices@fasterpaymentscouncil.org.
Download the Charter
Faster Payments User Experience Work Group
Work Group Chair: Caroline Cypriano
Work Group Vice Chair: Moa Agrell
February Update: This new Work Group launches March 10, and there is still time for interested members to join. The Group will focus on accelerating 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. Caroline Cypriano of JJ4Tech was named Chair of the Work Group and Moa Agrell of Trustly will serve as Vice Chair.
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:
Instant Recurring Payments
Promotes consumer-friendly instant recurring payment solutions for all instant payment users.
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.
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.
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.