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. Additional work group summaries and updates will be uploaded soon. Interested in joining a Work Group? Sign up here. All members are welcome.

Education & Awareness Work Group


Work Group Chair: Charles Harkness

December Update: The Group’s Solution Provider subgroup recently met with the Operations Committee and presented initial plans for its industry survey and how the results will be displayed and remain updated. The Faster Payments FAQs subgroup has started to meet to discuss its first deliverable, and Phase 2 of the Faster Payments Glossary of Terms is coming together. The Use Case subgroup has also continued to catalogue and develop several stories describing use cases across the payments ecosystem.

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Fraud Information Sharing Work Group


Work Group Chair: Andrew Haskell

December Update: The Group reviewed the findings of the FISWG member survey together and identified the focus of its next faster payments fraud deliverable. The Group will be conducting a survey on faster payments fraud, and produce a report summarizing the results with recommendations to address faults or gaps. The next step will be to identify and assemble the appropriate subgroups to lead the charge on this new deliverable.

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Regulatory Work Group


Work Group Chair: Laura Yens

December Update: The Group is putting the finishing touches on its first deliverable, a resource that provides an overview of the current U.S. faster payments laws and regulations affecting consumers and businesses. Scheduled for release in the first quarter of 2021, the main sections of the resource include authentication, consumer protection, consumer disclosures, error resolution, eligibility, financial crime – compliance, funds availability, funds transfer, privacy, and risk management.

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Directory Models Work Group


Work Group Chair: Peter Tapling

December Update: The Group’s two subgroups have made solid progress on its upcoming deliverables. In its first deliverable, the economic impact subgroup is exploring the 10 impact areas to consumers of faster payments that an interoperable directory capability could provide. The beneficial characteristics subgroup has also continued its work on a deliverable that identifies the key characteristics and benefits of an interoperable directory capability for direct stakeholders.

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Cross Border Payments Work Group


Work Group Chair: Kelvin Leung

December Update: The Group has created a draft of its first deliverable, a “Cross Border Faster Payments” white paper, with content contributed by several work group members. Its subgroups continue to research key areas that will be further developed in the paper as they collectively work through the content creation phase. The deliverable is targeted for completion in the first quarter of 2021 and will be presented to the full FPC membership during a future Town Hall meeting. 

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QR Code Interface Work Group


Work Group Chair: Matt Howarter

December Update: The Group formed three subgroups to focus on 1) receiver presenting the code, 2) payment sender, and 3) communication between receiver code and sending device. The Group has agreed on the scope as well as the high and low level use cases that will be supported in its first deliverable, targeted for completion by the first quarter of 2021. The current stage of its roadmap is to identify any gaps, make recommendations, and decide on a spec for the deliverable. 

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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 six work groups:

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.
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Sponsored by:


Fraud Information Sharing

Works with existing fraud sharing forums to identify enhancements that will make the current processes more efficient and effective, with an aim towards fostering better user experiences, bolstering confidence and trust in faster payments, and facilitating faster reaction times to address threats to the ecosystem.
Regulatory

Identifies and analyzes laws, regulations, and legislative proposals that may impact faster payments, and considers options as to how to support and accelerate the adoption of faster payments. 
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.
Cross Border Payments

Engages organizations currently working on cross border payments and gathers information on what is needed to align the operating policies and requirements of the currently disparate local faster payments systems.
QR Code Interface

Facilitates the adoption and usage of faster payments by developing a QR code template for use by end users and financial institutions.