FPC reveals new Financial Inclusion and Real-Time Recurring Payments groups

The Financial Inclusion Work Group will create a blueprint for leveraging faster payments to accelerate access to the financial system for unbanked and underserved Americans. In addition, the group will examine the current state of issues, concerns, and needs of unbanked and underserved consumers and small businesses, in a bid to develop and inform the industry on a holistic approach to better serve this segment of the economy.

At the same time, the Real-Time Recurring Work Group will promote the development and adoption of real-time recurring payment solutions to be used by business end users and financial institutions. The group plans to develop a real-time recurring workflow for faster payments by identifying current approaches, applicable use cases, best practices, and guidance for implementation.