The aim of the proposed organisation is to facilitate a ubiquitous payment system where US consumers can securely pay anyone, anywhere, at any time and with immediate funds availability.
The draft proposal is the result of eight-month work by the 27-member Governance Framework Formation Team (GFFT), a short-term work group established by the Faster Payments Task Force and facilitated by the Federal Reserve. The FPC will be open for all to join as the long-term successor to the GFFT, which will be disbanded by the end of 2018.
Stakeholder feedback will help determine where there is broad agreement on the proposed organisation, inform areas that require further refinement, and gauge support for moving it forward.
Upon completion of the comment period, the survey responses will be summarised and published in a report.
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