The FPC will focus on collaborative problem-solving to address the issues that are currently inhibiting faster payments ubiquity. Below are six work groups the FPC has identified as priority focus areas for its first several months of operation. Please indicate one or more work groups that you or your organization’s delegate with relevant expertise would like to join. Work group members can expect to participate in monthly meetings, contribute to planning and execution of work products, and provide periodic progress reports to the FPC Board, the broader FPC membership, and external payments stakeholders. Expected time commitment for participating in a work group is 8-10 hours per month in addition to semiannual in-person FPC member meetings.
Mission & Scope
Develop an educational and awareness program to foster better understanding of faster payments and confidence among providers and users, ultimately driving adoption and transaction volumes toward the industry goal of ubiquity.
Objectives & Goals
The work group will determine the best method to develop a cross-solution education and awareness program that aligns with the FPC's higher level strategies and priorities.
This effort will include surveying existing educational materials according to audience (consumer and business end-users, financial institutions, other service providers, etc.) to identify gaps and opportunities for faster payments information; determining opportunities for collaboration/partnerships with existing organizations; establishing a continuous assessment to ensure education and awareness materials are produced in an efficient manner; reaching the intended audiences; and helping reduce market misperceptions/confusion and drive adoption of faster payments.
Deliverables & Timeframes
Mission & Scope
Works with existing fraud sharing forums to identify enhancements that will make the current information sharing processes more efficient and effective, with an aim towards fostering better user experiences, bolstering confidence and trust in faster payments, facilitating faster reaction times to address threats to the ecosystem.
Objectives & Goals
Deliverables & Timeframes
Mission & Scope
The scope of the Regulatory Work Group is to identify and analyze laws, regulations and legislative proposals that may impact faster payments, and consider options as to how to support and accelerate the adoption of faster payments, e.g., whether a change or clarification may be appropriate, a rule, guidance, standard, educational initiative or other mechanism is sufficient, or no change or mechanism is needed. The work group's external focused actions or messaging regarding its work will be subject to FPC approval per the framework.
Objectives & Goals
Deliverables & Timeframes
Q1-Q2 2020, Deliverable 1: WG participants agreed to create a comprehensive list of laws and regulations that apply to faster payments that can be provided to FPC members’ legal and compliance departments
Mission & Scope
Engage stakeholders to identify economic benefits of ubiquitous directory capabilities. Work with the industry to identify characteristics which can provide collective economic benefits to enable interoperability at the directory level.
The Directory Models Work Group will focus on directories as they relate to faster payments consistent with the definitions accepted by the US Faster Payments Council. Particularly, scope will be limited to schemes supporting credit push transactions directly to bank accounts with immediate funds availability per transaction. Defining or agreeing on a particular interoperable directory model or technology solution is OUT OF SCOPE for the Work Group at this time.
Objectives & Goals
Gain consensus of the full group participants on this Work Group Charter. Work with FPC members to ensure the broader membership has the opportunity to participate. Identify and work with directly affected industry participants to ensure engaged participation in the Work Group.
Achieve diverse industry participation in the Work Group by ensuring participation of financial institutions, payment networks, faster payment network operators, users of faster payments, trade industry groups, regulators, and payments service providers. Create a deliverable which articulates the economic impact to consumers of faster payments which an interoperable directory capability, if it existed, would provide.
Deliverables & Timeframes
1. Stakeholder engagement:
a. Engage directory service providers or platforms to open up lane for collaboration to raise awareness, provide points of view in the build of requirements, rules, or best practices of the service (NACHA Phixius, Zelle, others).
b. Engage directory service providers or platforms to open up lane for collaboration to raise awareness, provide points of view in the build of requirements, rules, or best practices of such a service.
2. By end of Q4 2020 – Create a deliverable which articulates the economic impact to consumers of faster payments which an interoperable directory capability, if it existed, would provide.
3. By end of Q1 2021 – Create a deliverable which identifies characteristics which the direct stakeholders of an interoperable directory capability provide collective benefit.
4. Explore the viability of leveraging a Survey & Outside Firm Engagement; conduct stakeholder reviews to deem types of faster payments across the spectrum of consumer and business types.
Mission & Scope
Engage FPC member organizations currently working on cross border payments. Gather information/input on various models and the variety of use cases where there is a need or desire by consumers and businesses for real time payments across borders. Review and coordinate with other FPC Work Group to determine what is needed to align the operating policies, laws, regulations, standards, and requirements of the currently disparate local faster payment systems such that the long-term goal of cross border interoperability that may be achieved.
Objectives & Goals
Identify what the industry needs to do in the cross-border space to create the environment necessary for faster cross-border payments.
Deliverables & Timeframes
Phase 1 (Q3)
Define and prioritize Use Cases / User Experience, review current or emerging models, and identify strengths and gaps in
addressing priority Use Cases, Define the outputs and medium for distribution of our research and findings
Phase 2 (Q4)
Identify and evaluate options to resolve challenges and gaps to achieve faster cross border payments for priority use cases
Mission & Scope
Facilitate adoption and usage of faster payments by developing a QR Code template for use by end users and financial institutions. Other potential methods for initiating payments are outside the scope of this work group.
Objectives & Goals
The work group will develop a common QR Code template that can be used to facilitate faster payments, regardless of use case. This effort will include researching existing approaches, identifying any needs that are unique to the United States, developing the templates, creating best practices and implementation guidance documents, and publishing such materials for use by entities involved in faster payments.
Deliverables & Timeframes