The FPC and Glenbrook have launched the 3rd annual Faster Payments Barometer Survey designed to gauge industry perspectives on Faster Payments in the U.S. Please take a few minutes to share your views. Begin Survey
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
September Update: The Group’s Faster Payments Solution Providers industry survey results were approved by the Board of Directors, with publication on the FPC website planned for early November. The Glossary of Terms subgroup has completed the draft of its phase 2 glossary and the Faster Payments Use Cases and FAQs subgroups continue to develop other deliverables that will become dynamic content in the online Knowledge Center. The Group is also finalizing the monthly FPC Town Hall schedule through early next year.Download the Charter
Work Group Chair: Andrew Haskell
September Update: The Group received final approval from the Operations Committee on its industry survey on faster payments fraud and launched the 3-week survey on Sept. 10. The FISWG formed a new subgroup focused on report development and will be analyzing the survey results in the month of October. The Group plans to host a Town Hall in Q4 to share the initial results of the survey with FPC members. The final report will summarize the findings and provide recommendations to address gaps as well as lessons learned from other countries.
Work Group Chair: Peter Tapling
September Update: The Group updated its charter with a new phase of work and received final approval from the Board of Directors. The Group has also issued a call for participation to FPC members interested in contributing to these new deliverables. The Group is currently developing an infographic which summarizes its two recent Members-only white papers. This “internet-consumable” document will be made available in the FPC’s Knowledge Center once finalized.Download the Charter
Work Group Chair: Kelvin Leung
September Update: The Group recently refreshed its charter to include the next deliverable topic, Central Bank Digital Currencies and Cross-Border Faster Payments. A newly organized subgroup presented the updated charter to the Operations Committee and incorporated feedback discussed during the meeting. The next step will be to review the revised charter with the full Group and bring forth to the Operations Committee at an upcoming meeting for final approval.
Work Group Chair: Scott Green
September Update: The Group recently updated its charter and received final approval from the Board of Directors. Spearhead by its new subgroup, the Group will describe the use cases for QR Code initiated payments with recommendations for best practices. The deliverable now reflects implementation guidance for all users of faster payments systems, as an addition to the output of the Group. Nominations for Vice Chair of the Work Group are currently being accepted.
Work Group Chair: Josh Karoly
September Update: The Group's five small groups continue to work on defining each beneficial characteristic category and describe the benefits, who benefits, and why each is important to both the merchant and payee. The small group categories include notification and bill, authorization, authentication, payment, and irrevocability. The full Group is currently reviewing the payment and irrevocability sections of the real-time recurring payments template and will discuss feedback at an upcoming meeting.Download the Charter
Work Group Chair: TBD
September Update: This is a new Work Group estimated to launch in mid-October. The Group will develop guidelines and best practices for the use of secure APIs for enrolling/onboarding users and for the intitiation of instant and immediate payments, regardless of the network used.
Work Group Chair: Adam Telem
September Update: The Group’s Solutioning subgroup has continued its work of combining the consumer and small business pain point lists to identify the top issues today and detect where there is an opportunity for faster payments to help ameliorate the pain points. The subgroup will also be focusing on the faster payments solutions that are designed with consumers in mind for ease of access or use and can solve issues for underbanked consumers. The Group will be developing a white paper to share its findings from this industry research, targeted for completion by year end.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 eight 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.