Broad support for the Faster Payments Council
posted by Kevin Christensen on Tuesday, September 11, 2018 in SHAZAM Blog
The Governance Framework Formation Team (GFFT) recently concluded a 60-day stakeholder comment period seeking broad industry feedback on the draft operating vision of the proposed U.S. Faster Payments Council (FPC). The GFFT released the draft operating vision after several months of deliberations on the proposed FPC’s vision, principles, structure, authority, funding and areas of focus. With support from the Federal Reserve, the GFFT engaged in an extensive outreach campaign to inform and solicit feedback from diverse audiences, including financial services providers, end users and others, through participation in a comprehensive survey on the FPC’s proposed operating vision.
Overall, respondents revealed a robust level of support for the FPC as described in the draft operating vision. There is broad agreement on most aspects of the FPC with 88 percent of respondents either strongly agreeing or generally agreeing with the guiding principles. Eighty-five percent agreed with the rationale and need for the FPC. The majority of respondents within each stakeholder group were in at least general agreement with almost all aspects of the FPC, including the need and rationale for the FPC, its guiding principles, core functions, membership, board of directors, committees and work groups, and decision-making processes.
Nearly 70 percent of respondents were either interested or very interested in joining the FPC.
In keeping with the second part of its mandate from the Faster Payments Task Force, the GFFT is planning key establishment / startup-related activities. The team is also considering and addressing stakeholder comments with plans to begin initial operations in the latter part of 2018.
View the full report on the U.S. Faster Payments Council website.
- industry trends
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