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
January Update: The Group recently introduced a new interactive resource, Faster Payments FAQs, in the FPC’s Knowledge Center. Efforts to expand the instant payments library are ongoing, with a review underway to include new terms in the Faster Payments Glossary. The Group also submitted a session proposal for the Spring Meeting titled, “Sharing Current and Future Use Case Successes and Sorrows.”
Download the CharterFraud Work Group
Work Group Chair: Lee Kyriacou
Work Group Vice Chair: TBD
January Update: The Group is currently evaluating topics for its next body of work which could include information sharing, collaborative effort with another Work Group, or fraud education for consumers. The Group also submitted a session proposal for the Spring 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
January Update: The Group’s Use Cases subgroup is finalizing its latest deliverable, “How a Directory Service Accelerates Instant Payments: Consumer Bill Pay Example,” which explores a C2B use case. Meanwhile, the Directory Market Practices subgroup continues to assess key factors for implementing an open alias directory. Additionally, the Group submitted a session proposal in collaboration with the API work group for the Spring Member Meeting titled, “Advancing Faster Payments through Open Directory Services.”
Cross-Border Payments Work Group
Work Group Chair: Mark Majeske
Work Group Vice Chair: Jonathan Holland
January Update: The Group's B2B Use Cases subgroup has selected interviewees and assigned outreach to members, who will schedule interviews and document findings using the FPC Use Case template. The Group also submitted a session proposal for the Spring Meeting titled, “Explore New and Existing B2B Cross-Border Payment Use Cases Driving Global Faster Payments Growth While Creating New Efficiencies and Innovation for Businesses.”
QR Code Interface Work Group
Work Group Chair: Keith Riddle
Work Group Vice Chair: Carolyn Serejo Cypriano
January Update: The Group is refining its paper, “Overcoming Instant Payment QR Code Impediments to Adoption: Usability,” which examines how QR codes can improve efficiency and customer experience in sectors such as restaurants, SMBs, and grocery stores, ultimately supporting broader instant payments adoption. Additionally, the Group plans to begin drafting its next deliverable that is focused on mid-market and SMB segments.
Download the CharterReal-Time Recurring Work Group
Work Group Chair: Josh Karoly
Work Group Vice Chair: Andrew Gomez
January Update: The Group is working with industry stakeholders to assess the adoption of real-time recurring payment practices, focusing on standing approvals, notifications, and cancellations. As part of this effort, the Group has been interviewing financial institutions to gather insights on how they apply the best practices outlined in a previous report. The Group also submitted a session proposal for the Spring 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
January Update: The Group is progressing with preparations for its Hackathon project, designed to test and refine API best practices and core functionalities. Updates have been made to the project’s Statement of Work, and the Group is collaborating with the Directory Models Work Group to determine the directory information developers will need for the Hackathon.
Financial Inclusion Work Group
Work Group Chair: Anthony Serio
Work Group Vice Chair: Mary Mumper-Morrison
January Update: The Group’s collaborative subgroup with the Digital Assets Work Group has received approval from the Operations Committee for its report titled, “Digital Assets and Digital Ledger Technology: A Pathway to Financial Inclusiveness,” and will now move it forward for Board review. The Access to Technology subgroup is continuing its research on the topic, “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
January Update: The Group has outlined a new blog, focusing on the role of digital assets in FEMA and disaster response. Additionally, the Group collaborated with the Financial Inclusion Work Group to propose a session for the Spring 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
January Update: The Group recently published its latest deliverable, “Guideline.02: Operational Considerations for Instant Payments Send-Side Primer,” in the FPC’s Knowledge Center. This guideline provides high-level insights into key priorities for expanding instant payment capabilities beyond receive functionality. The group has completed its initial draft of the next deliverable “Operational Considerations for Instant Payments Send-Side Deep Dive,” and is actively conducting its collective review.
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Business Benefits of B2B Instant Payments Work Group
Work Group Chair: Dean Nolan
Work Group Vice Chair: Stephany Kirkpatrick
January Update: The Group has launched a new subgroup, Driving B2B Instant Payments Adoption through Use Cases, to analyze market research and gather insights from AP/AR departments on adoption challenges and opportunities. Additionally, the Group plans to establish another subgroup to develop content for an upcoming Town Hall and has submitted a “B2B Work Group Update” session proposal for the Spring Member Meeting.
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Instant Payments Data OptimizationWork Group
Work Group Chair: TBD
Work Group Vice Chair: TBD
January Update: *Open Call for Participation* Launching soon, 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. The Chair of the Work Group will be named soon and nominations for Vice Chair 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 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.