US payments organisations release draft of US faster payments governance framework

Wednesday 25 April 2018 00:44 CET | News

A group of payments industry stakeholders has released a draft of the faster payments governance framework for the US Faster Payments Council (FPC).

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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Keywords: US, payments, Faster Payments, US faster payments council
Categories: Payments & Commerce | Online Payments
Countries: World
This article is part of category

Payments & Commerce