Proper tools are an important part of anyone’s job, and in this new work-from-home norm brought to us courtesy of COVID-19, I’d guess that we’re all relying on video conferencing tools and remote connections to advance our organizational missions.
Well, the same holds true for all things faster payments. As we stand on the precipice of a new faster payments paradigm, having the right tools and resources will make all of the difference to widespread adoption. Given the variety of faster payments products and solutions that are available and the changing landscape, the right support will be the difference between success and failure.
Since its inception, the FPC has recognized the need for tools to support the evolving faster payments industry. It’s one of the reasons we recently launched the
Faster Payments Knowledge Center, a one-stop repository for the industry with faster payments research, resources, news, and information to help drive increased understanding of all things faster payments. But it is also one of the reasons our Work Groups are so fundamental to what we do. Our Work Groups are identifying the gaps, challenges, and opportunities around faster payments advancement, and creating the education, resources and tools to help us make faster payments a reality in the United States.
For instance, our End-User Transparency Work Group has long acknowledged the importance of service providers in the faster payments ecosystem. These providers enable implementation of faster payments products for many businesses and financial institutions (FIs). As such, their understanding of the environment, impacts to their customers and their customers’ customers, and considerations for supporting faster payments into the future is critically important. And it is why the Work Group recently developed and released the
Faster Payments Transparency Guidelines for Payment Services Providers – Business Transactions. The FAQ-style document was developed to help service providers formulate disclosures, marketing materials, and notifications for business transactions to support increased transparency around transaction characteristics, fees, and the resolution of errors and disputes. The document complements the previously released
Faster Payments Transparency Guidelines for Payment Services Providers – Consumer Transactions, which provides similar guidance, but in support of consumer end users. These tools have become key resources for FPC members.
We can’t explore faster payments without touching on the parameters needed to safeguard transactions. The Safety & Security Work Group has also been busy with development of resources for consumers and FIs. They, too, have developed two FAQ-based educational tools to improve understanding and minimize concern around faster payments. The members-only
Consumer End-User FAQs resource serves as a tool FIs – and service providers – can use to educate their consumer customers about the differences between faster payments and traditional payments. The
Financial Institution FAQs resource, which is available broadly in our online Knowledge Center, provides key terms and definitions to support faster payments understanding. In addition, it provides information to help FIs understand the safety and security implications of offering faster payment products and how existing rules and regulations can impact faster payment transactions.
These tools developed by our Work Groups, and those yet to come, are the resources that will educate, stimulate, and advance the faster payments industry. Because, as I mentioned earlier, the right tools are the key to our ultimate success.
With that in mind, if you’re interested in supporting our efforts, consider joining us as our Work Groups continue to explore, create, and deliver critical tools for the industry. Let’s work together to move payments faster.
The FPC is always looking to grow our Work Groups. If interested in learning more, visit fasterpaymentscouncil.org/Work-Groups.