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Faster Payments Council brings together payment stakeholders

posted by Kevin Christensen on Wednesday, May 22, 2019 in SHAZAM Blog

During the past several months, we’ve provided information about the U.S. Faster Payments Council, a membership organization that includes representation from financial institutions, payment network operators, technology providers, consumer organizations, business end users and at-large members. This initiative is built on the premise that bringing all payment stakeholders together is the way to advance the path forward toward faster payments ubiquity.

Work group results

Three work groups were established to increase awareness, educate end-users and promote best practices that enhance safety and security.

End user transparency work group

The end user transparency work group is developing a guide outlining the information faster payment services should provide to end users. It will include standard labels and definitions to identify and define the information end users need to know to make faster payments. Future deliverables will include recommendations on the timing and information delivery methods to end users.

Education and awareness work group

To achieve the goal of mass adoption and driving toward the industry’s goal of ubiquity, the education and awareness work group is developing and testing messages to end users. The information will be used in a multi-channel education and awareness program to foster a better understanding of faster payments among all stakeholders.

In addition, the FPC recently announced a collaboration with Nacha for development of the Faster Payments Playbook. An educational piece has been released and future versions will provide banks, credit unions and business end users with clarity on how to develop their own faster payments strategy — from concept to reality using online tools. The information can then be evaluated by the organization to help provide clarity on the next steps.

Safety and security work group

A survey is being conducted to gather security procedures and policies from FPC membership. Once the information is collected, the safety and security work group will draft a document outlining best practices. By promoting practices that enhance safety and security for all stakeholders, fostering a high-quality user experience and bolstering confidence and trust will ultimately support broader adoption of faster payments.

Become a member

The FPC provides members with a unique opportunity to influence the future of faster payments through inclusive dialogue and collaborative problem-solving. Since its launch in 2018, the FPC has acquired more than 160 members who are taking a private-sector approach to solve problems and drive ubiquity of U.S. faster payments.

The first membership meeting is scheduled for May 29, 2019, at the Federal Reserve Bank of Chicago. The agenda includes several panel sessions and opportunities to discuss and influence the FPC’s next Quick Wins initiatives.

As acting executive director and interim board chair for the U.S. Faster Payments Council, I encourage you to learn more about the FPC and get involved by visiting fasterpaymentscouncil.org.

About the Author

Kevin Christensen’s experience in compliance, data analytics, payments and regulation is drawn upon to lead SHAZAM’s enterprise-wide governance and utilization of information. His insights aid in the development and execution of the company’s strategic goals.

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