US Faster Payments Council alive and kicking
The US Faster Payments Council (FPC) has now powered up with the obvious mission to bring pacey paytech to the States.
As reported in April, a group of payments industry stakeholders released a draft of the faster payments governance framework for the FPC.
It stated: “The goal of the proposed organisation 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.”
Now the FPC is up and running – a move the US Federal Reserve calls a “milestone in the nation’s faster payments journey”.
The FPC wants more to join as Douglas Berg, SVP of payment industry relations for Wells Fargo, explains: “We encourage our nation’s payments leaders to lend their voices to the future of faster payments by joining the FPC and sharing their insights and expertise to further this important work.”
The Governance Framework Formation Team (GFFT) formed the FPC in response to a key recommendation from the Faster Payments Task Force.
In its final report published in 2017, the task force directed the GFFT to develop and implement a faster payments governance framework, inclusive of all stakeholders.