Work Group Signup | Faster Payments Council

FPC Work Group Interest Forms

The FPC will focus on collaborative problem-solving to address the issues that are currently inhibiting faster payments ubiquity. Below are eight work groups the FPC has identified as its current priority focus areas. 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.

Education and Awareness Signup Form

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

Integrate new Knowledge Center resources including Solution Providers data repository, Glossary of Terms, Use Cases and Frequently Asked Questions. (Q2 2021)
Identify additional existing faster payments educational materials, industry guides, and other resources that expand on Phase 1 of the Faster Payments Knowledge Center. (Q1/Q2 2021)
1. Develop and communicate topic ideas and potential speakers for 2021 Educational Town Hall Series Scheduling (Q1/Q2 2021) Conduct Town Hall Sessions (Q2/Q3 2021)
Create new opportunities for collaboration and partnerships with trade or member organizationsand other FPC work groups to further advance education and awareness program. (Q3 2021)
Create toolkits for FPC member organizations to communicate/educate on faster payments at conference venues, in op-ed opportunities, newsletters, articles, etc. (Q4 2021)

Fraud Information Sharing Signup Form

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

Determining the group’s work priorities and the best method for reporting output to members as well as to the industry in general, if applicable.
Determining what is meant by fraud information and determining the benefits of creating common definitions for fraud statistics to be used in reporting and education (e.g. attack rates, fraud losses, recovery rates). In addition to awareness of specific scams, fraud information could also include understanding of how the tactics work and sharing fraud prevention techniques.
Surveying other fraud sharing forums to identify gaps and opportunities for collaboration.
Establishing any needed guidelines for the FPC’s role such as safe harbor type protections or limits of liability for sharing information.

Deliverables & Timeframes

Conduct a survey on faster payments fraud. Surveying both (1) fraud which has occured (thus learning from others' experiences) and (2) the perceotion of fraud in faster payments. (Q2 2021)
Produce a report summarizing the findings. (Q3 2021)
- Publicly available White Paper for FIs, operators, processors, business end users.
- Report Recommendations to address faults or gaps:
  - Types of fraud as identified through surveys, analysis of each, and recommendations.
  - Details of existing network operators' data/statistices/averages as to fraud attempted and fraud perpetrated, as well as information from other countries.
  - Lessons learned from other countries on emerging fraud patterns and what techniques worked to mitigate fraud.

Directory Models Signup Form

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.

Cross Border Payments Signup Form

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.

Identify and prioritize Use Cases, User Experience, and Corridors to study and understand, assess different types of cross border payments, and needs by consumers and businesses for faster cross border payments.
The scope of our examination and work product will cover E2E process flows (data and funds), Settlement models, and Technical infrastructure, (Laws/Regs out of scope).
Review US and global models that could potentially be put in place for real-time cross border payments
Identify strengths and gaps of current models or emerging options
Identify challenges/issues in both inbound and outbound payments
Identify lessons learned and barriers to resolve these challenges/issues
Identify other working groups and global governing bodies that can be leveraged for input and action

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

End User QR Code Interface Signup Form

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

Identify Existing QR Codes used to facilitate faster push payments -- Q2 2020
Determine necessary components of QR Codes to facilitate faster payments in the United States -- Q3 2020
Develop QR Code template for end users and financial institutions to utilize -- Q1 2021
Publish template and recommended best practices materials as a deliverable for all users of faster payments systems – Q2 2021

Financial Inclusion Work Group Signup Form

Mission & Scope

Provide a blueprint for leveraging faster payments to accelerate access to the financial system for unbanked and underserved Americans. Scope includes unbanked and underserved consumers as well as small businesses in the United States, with a focus on domestic payments.

Objectives & Goals

Examine current state of issues, concerns (e.g., costs, trust, security, anonymity), and needs of unbanked and underserved consumers and small businesses.
Identify opportunities and benefits for FPC members, and the industry as a whole, to serve this segment of the economy directly or indirectly through partners.
- Identify the various stakeholder groups (e.g., FIs, payment technology providers, payment network operators, business end-users, and other players already serving this sector) that can be beneficiaries of the deliverables.
Inform relevant stakeholders regarding how faster payments adoption is part of a holistic approach to advancing financial inclusion in the United States by mitigating some or all of the issues, concerns, and needs of unbanked and underserved consumers and small businesses.

Deliverables & Timeframe

Create a detailed deliverable timeline data sources, orientation and resources for deliverables, and organization of subgroups. (Q1 2021)

Research issues, options, and opportunities within Work Group plus collaborate with other stakeholders Explore the reasons/barriers for consumers to be unbanked and/or underbanked. (Q2 2021)
- Identify gaps in regulation that affect financial inclusion.
- Explore the role of identity as it relates to financial inclusion.
- Explore the role and potential benefits and consequences of data aggregators and open banking as mechanisms for the facilitation of faster payments.
- Examine characteristics of a ubiquitous faster payment ecosystem inclusive and agnostic to the account types.
- Draft a blueprint (white paper) that describes how faster payments adoption can advance financial inclusion in the United States by mitigating some or all of these issues.
Deliver a blueprint (white paper) for various audiences (FPC members, other industry players, public sector institutions, general public) that documents findings and recommendations for how faster payments can be part of a holistic approach to advancing financial inclusion to drive interest in the adoption of faster payments. (Q3 2021)

Real-Time Recurring Work Group Signup Form

Mission & Scope

Promote the development and adoption of real-time recurring payment solutions to be used by business end-users and financial institutions. Included in the scope of this mission is the development of use cases relating to: ecommerce recurring, utility payments, investment account funding, other forms of recurring billing. Excluded in this scope are adhoc one-time payments or payments where the customer is expected to initiate or be directly involved with each transaction.

Objectives & Goals

This work group will develop a real-time recurring workflow for faster payments that can be used in any applicable use case. We will identify current approaches, applicable uses cases, best practices, and implementation guidance documentation. Publishing the results that can be used by the faster payments community.

Deliverables & Timeframe

Do a market review of current auto-pay and standing order products being offered and any rules or regulations that need to be taken into account. (Q1-Q2 2021)
Determine the needed components of a real-time recurring workflow including auto-pay and pre-approval. (Q2 2021)
Develop an auto-pay workflow that would include key industry stakeholders to complement the workflow requirements and would be adopted by business end users and financial institutions. (Q3 2021)
Publish workflow and recommended best practices materials as a deliverable for all users of faster payments systems. (Q3 2021)