Industry group proposes draft for US faster payments framework

 The group invites broad stakeholders to review and comment on the draft. 

The goal of the proposed organization is to facilitate a ubiquitous, world-class payment system where Americans can safely and securely pay anyone, anywhere, at any time and with immediate funds availability.

The FPC proposal is a work in progress, the result of eight months of deliberations by the 27-member Governance Framework Formation Team (PDF) (GFFT), a short-term work group established by the Faster Payments Task Force and facilitated by the Federal Reserve. “

Why a new governance body?

A number of new and innovative payment solutions have come to market and others may be emerging soon. With these developments as the starting place, the task force and GFFT assert that an appropriately open and inclusive organization can help get the industry to ubiquity faster than through bilateral cooperation alone.

The proposed FPC will help:

• Drive the emerging faster payments infrastructure toward interoperability where needed;

• Foster a high-quality user experience for all; and

• Get the industry to ubiquity faster than otherwise possible.

The operating vision for the FPC is available for review and broad stakeholder feedback via an online survey (Off-site) until June 22 at FedPaymentsImprovement.org. The GFFT notes that the operating vision is a work in progress. Stakeholder feedback received during the comment period will help determine where there is broad agreement on the proposed organization, inform areas that require further refinement, and gauge support for moving it forward.

Upon completion of the comment period, the survey responses will be summarized into a report and published on FedPaymentsImprovement.org.