Input needed on faster payments infrastructure
posted by Kevin Christensen on Thursday, June 14, 2018 in SHAZAM Blog
Change is all around us and changes to our payment systems are no exception. Everywhere you turn, there are multiple payment options – cash, check, debit card, credit card and now faster payments options such as SHAZAM BOLT$, ApplePay, PayPal, Venmo have also entered the arena. What are the impacts of these many payment platforms?
I served on the Faster Payments Task Force from 2015-2017 and in 2017, I was elected to the Governance Framework Formation Team (GFFT). Much like the ACH network developed in the 1970s, the goal of the GFFT is to design a system that does not discriminate, allows participation by all payment systems and supports interoperability. And we want your input.
The GFFT has drafted a framework that will direct the formation of the faster payments governance organization. Your comments are especially important to the team as we continue to resolve issues, establish the board configuration and develop a sustainable funding structure.
I ask you to take a few minutes to review the report produced by the GFFT found at FedPaymentsImprovement.org and complete the online survey. Your comments that support a system built on independent and universally agreed-upon standards, interoperability and security for all participants are important to the process.
Let your voice be heard.
Please respond by the June 22, 2018 deadline.
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