Moving toward faster payments

posted by Kevin Christensen on Tuesday, November 27, 2018 in SHAZAM Blog

Membership is now open for the U.S. Faster Payments Council whose mission is to enable any American to safely and securely pay anyone, anywhere, at any time and with near-immediate funds availability. I encourage you to consider joining this industry-led organization that is driving the faster payments infrastructure toward ubiquity, fostering a high-quality and secure user experience, and supporting widespread use of faster payments.

During the past two years, I was an active participant in the Governance Framework Formation Team, a diverse group of industry stakeholders. Our work resulted in developing the proposed framework for this newly-formed Faster Payments Council, which is supported by the Federal Reserve.

At SHAZAM, we believe in the council’s mission and its potential to drive ubiquitous faster payments in the United States. Through problem-solving, dialogue and education, the council will leverage the strengths of its member institutions to address the issues that are inhibiting broad adoption of faster payments. These items include:

  • Supporting adoption of practices that enhance safety and security for service providers and users of faster payments.
  • Identifying, developing and supporting principles, guidelines and market practices that will address opportunities and emerging issues in an open and collaborative way.
  • Developing an education and awareness program to foster better understanding of faster payments.

Why the Faster Payments Council? Implementing a process that includes coordinated, industrywide and inclusive representation will be more effective in facilitating adoption, enhancing security and increasing user awareness than if the parties were to act separately. Following the work of the Governance Framework Formation Team, the Faster Payments Council will facilitate the pursuit of ubiquitous receipt — where multiple payment service providers are capable of receiving faster payments and making those funds available to their end-user customers in real time.

For more information about the U.S. Faster Payments Council and how to become a member, go to their website at fasterpaymentscouncil.org.

A brief timeline

2015: Start of the Faster Payments Task Force. Final report recommended a governance framework.

2017: Formation of the Governance Framework Formation Team

2018: Governance Framework Formation Team shares drafted operating vision and solicits input. Faster Payments Council formed.


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Tags

  1. faster
  2. industry trends
  3. payments

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