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: Glenn Wheeler
Work Group Vice Chair: Steve Wasserman
June Update: The Group just updated its interactive Faster Payments Glossary of Terms in the Knowledge Center with over 100 new terms added. The Group’s FAQs subgroup has its next slate of content for the Faster Payments FAQs Repository advancing to the FPC Board for approval in July.
Download the CharterFraud Work Group
Work Group Chair: Lee Kyriacou
Work Group Vice Chair: TBD
June Update: The Group has finished the draft of "Bulletin.02: International Payments" that includes international country profiles. The Group will next share the draft with the Operations Committee for review and feedback. The Group will be presenting a session at the Fall Member Meeting. There's also a current call for nominations for a Vice Chair of the Work Group.
Directory Models Work Group
Work Group Chair: Peter Tapling
Work Group Vice Chair: Lou Grilli
June Update: The Group’s subgroup continues to make progress on a draft outline for its next work effort on the topic, “Economics of Federated Directory.” As part of the process, the Group is creating a set of questions for Group members to answer and will highlight 2-3 use cases that demonstrate how a directory could advance the journey. The Group will also be presenting a session at the Fall Meeting.
Cross-Border Payments Work Group
Work Group Chair: Barry Tooker
Work Group Vice Chair: Jonathan Holland
June Update: The Group has drafted two reports on the topics “How to ISO 20022” and "ISO 20022: Advantages in the Format & Structure for Instant Payments," which will delve into key capabilities and global benefits of this framework for faster payments transactions. The draft reports have been sent to the FPC Operations Committee for approval and will be advancing to the Board for approval in July.
QR Code Interface Work Group
Work Group Chair: Keith Riddle
Work Group Vice Chair: Carolyn Serejo Cypriano
June Update: The Group has developed an outreach brief and survey aimed at gathering FPC member perspectives on the use of QR Codes in faster payments. The Group has formed a new subgroup that will draft an outline for a potential deliverable on the theme, "Facilitation of QR Code usage in a complex array of card processing terminals." Keith Riddle of Tyfone was named Chair and Carolyn Serejo Cypriano of JJ4Tech was named Vice Chair of the Work Group.
Download the CharterReal-Time Recurring Work Group
Work Group Chair: Josh Karoly
Work Group Vice Chair: Andrew Gomez
June Update: The The Group has kickstarted an outreach to industry stakeholders regarding its recent publication, “Navigating Instant Recurring Payments”. The group will assess the industry’s current adoption of real-time recurring payment practices on standing approvals, notifications and cancellations. The Group plans to gather insights from FIs on the application of best practices from the publication.
Download the CharterSecure Instant & Immediate Payments APIs Work Group
Work Group Chair: Moa Agrell
Work Group Vice Chair: Jonathan Shiery
June Update: The Group is finalizing its approach applying best practices from the recent publication, “Real-Time Payment APIs” to real-world scenarios. The Group has drafted a scope of work for a Hackathon platform to test and refine API best practices and core API functions. Peter Davey of Alloy Labs will share lessons learned and his experience with hackathons as part of the groups research. Jonathan Shiery of Guidehouse was named Vice Chair of the Work Group.
Financial Inclusion Work Group
Work Group Chair: Anthony Serio
Work Group Vice Chair: Mary Mumper-Morrison
June Update: The Group published its latest report, "Faster Payments and Financial Inclusion: Are faster payments financially inclusive? Financial institutions indicate work remains to be done," in the FPC's Knowledge Center. Mary Mumper-Morrison of NEACH was named Vice Chair of the Work Group. The Group will also be presenting a session at the Fall Member Meeting.
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Digital Assets in the Financial Industry Work Group
Work Group Chair: Bo Berg
Work Group Vice Chair: Kevin Barr
June Update: The Group posted its third blog post, “Where Worlds Collide: Currency Conversion for Cross-Border and Digital Assets,” to the FPC's website in early June. The Group also just posted Blog.04, “Tokenized Deposits and the Potential for Faster Payments,” this week.
Download the Charter
Operational Considerations for Instant & Immediate Payments Work Group
Work Group Chair: Miriam Sheril
Work Group Vice Chair: Tony Cook
June Update: The Group is in the process of gaining final approval of its next deliverable, “Guideline.02: Operational Considerations for Receiving Instant Payments," from the FPC Board. The Group is targeting early Q3 to publish this new guideline. In addition, the Group will be presenting a session at the Fall Member Meeting.
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Business Benefits of B2B Instant Payments Work Group
Work Group Chair: TBD
Work Group Vice Chair: TBD
June Update: *Open Call for Participation* This is a new Work Group that will launch in 3Q for FPC members. The Group will accelerate the adoption of instant payments for businesses by addressing key challenges and identifying best practices with B2B Instant Payments.
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:
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.
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.
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.