April 26, 2018
The road toward a faster payments system in the U.S. has reached another milestone in its years-long journey. The Federal Reserve-led Faster Payments Task Force in 2017 established a Governance Framework Formation Team (GFFT). This week, the GFFT made a draft of a framework for governance of the faster payments system public. The team called for the creation of a U.S. Faster Payments Council (FPC), which would assume the lead in driving faster payments initiatives, interoperability and improvements in user experience.
The GFFT outlined its vision for the FPC—its priorities and how it will operate—in the document it released on Tuesday. The team is reaching out to stakeholders in the payments ecosystem to get feedback on its vision.
In the draft, the GFFT asked stakeholders “to consider this draft design and offer suggestions that will: strengthen the organization; make sure it lives up to its guiding principles; and empower it to catalyze a ubiquitous, world-class payment system where Americans can safely and securely pay anyone, anywhere, at any time and with immediate funds availability.”