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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: Charles Harkness
June Update: The Group’s Solution Provider subgroup recently launched its industry survey and distributed to FPC members. Once survey responses have been collected and analyzed, the Group will present the results in a matrix in the FPC’s Knowledge Center. The Faster Payments Glossary of Terms, FAQs, and Use Cases subgroups continue to make great progress on several deliverables targeted for completion by next quarter.Download the Charter
Work Group Chair: Andrew Haskell
June Update: The Group has continued development of its survey on faster payments fraud and incorporated feedback from the Operations Committee. The next step is to engage with the EAWG Solution Provider Survey subgroup for feedback on the survey design and to discuss lessons learned. The industry survey is expected to launch in Q3 and a presentation summarizing the initial results and themes is planned for the Fall Member Meeting.
Work Group Chair: Peter Tapling
June Update: The Group is currently updating its charter to include new deliverables planned for the upcoming year. The Group has launched a new project that will create “internet consumable” summaries of its two recent Members-only white papers: “Beneficial Characteristics Desirable in a Directory Service” and “The Economic Benefits of an Independent, Interoperable Directory for Faster Payments.” The final resource will take the form of an infographic available on the FPC’s website.Download the Charter
Work Group Chair: Kelvin Leung
June Update: The Group published its first deliverable, a “Cross-Border Faster Payments” white paper and issued a press release. The paper addresses use case and experience requirements for cross-border faster payments, particularly along the dimensions of speed, cost, ubiquity, transparency, and risk. The Group is now working on a letter in response to the FSB’s request for feedback on its consultative document, Targets for Addressing the Four Challenges of Cross-Border Payments.
Work Group Chair: Scott Green
June Update: The Group is in the process of updating its charter and incorporating feedback from the Group’s members. The Group recently reviewed a Merchant Presented Flows diagram and the next flow to be considered is Closed-Loop and ON-US transactions. The Group’s first deliverable will present faster payments best practices and stakeholder considerations for use of QR Codes.
Work Group Chair: Josh Karoly
June Update: The Group has evaluated various recurring payments models and will extend these findings to the strawman process that has been started. The Group has also identified themes to consider for the journey map of its first deliverable and has been building its list of key beneficial characteristics of a real-time recurring payment solution. The Group will continue to share additional inventory/tools and processes available in the payments ecosystem as part of the strawman process.Download the Charter
Work Group Chair: Adam Telem
June Update: The Group’s Small Business subgroup identified the top pain points for SMBs and will now focus on how new faster payment solutions can address these pain points. The Group’s Consumer subgroup developed three broad themes of pain points, barriers, or hurdles, and has identified four clusters of characteristics and factors under these themes. The Group is also currently accepting nominations for a Vice Chair.Download the Charter
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 seven 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.