Business Benefits of B2B Instant Payments Work Group Signup Form

This work group meets every other Wednesday at 10:00am CT.

Mission & Scope

Accelerate the adoption of instant payments for businesses by addressing key challenges and identifying best practices with B2B Instant Payments.

Objectives & Goals

• Understand the needs and concerns of small, medium, and large businesses regarding B2B instant payments adoption.
• Identify best practices and use cases for implementing B2B instant payments in different business scenarios.
• Develop educational materials that address adoption challenges and benefits of B2B instant payments.
• Engage key stakeholders within the payments ecosystem to facilitate engagement and understanding.
• Complement existing initatives like the Business Payments Coalition's and The Clearing House's work by integrating B2B instant payments considerations.

Deliverables

• Reports and case studies on successful B2B instant payments implementations by financial institutions and/or businesses.
• Educational webinars on collaboration and best practices for key B2B stakeholders (financial institutions, technology providers, small/medium/large businesses, and trade associations) and to overcome challenges in the adoption of B2B instant payments.
• eBook and blogs outlining key issues and benefits of B2B instant payments for businesses. Examples could include addressing potential cannibalization concerns (e.g., overlap with existing payment methods), and comparing its benefits to other payment methods (e.g., virtual cards, ACH, wire, check).

Membership Criteria

Deep understanding of the B2B payments industry, which may include faster payments (instant, immediate, real-time, push to card and same day ACH), AP/AR automation, real-time treasury, and e-invoicing. Representatives from financial institutions, payment processors, technology providers, business across industries (small, medium, and large as well as end users), and relevant trade associations.

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Cross-Border Payments Work Group Signup Form

This work group meets every other Tuesday at 11:00am CT.

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 Groups to determine what is needed to align the currently disparate local faster payment systems such that the long-term goal of cross-border interoperability 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.

• Provide industry awareness on emerging faster payments cross-border initiatives and their potential impact on existing payment channels, correspondent relationships, and clearing and settlement finality.
• 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 products will cover E2E process flows (data and funds), settlement models, and technical infrastructure, (laws/regs out of scope).
• Review U.S. 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

The Group's work will be done in phases. Inceremental industry resources will be in the form of white papers, research reports, or opinion pieces on the following:

• A wide range of information outlining the current state of cross-border payments, including any existing regulations, challenges, and opportunities.
• Insights for the industry on the developments of new payment methods supporting cross-border faster payments including the benefits, risks, and other considerations for new payment methods.
• Descriptions of cross-border payments environment including the existing and emerging opportunities to enhance the current landscape with a view to the next 12 to 24 months (Q4 2023 - Q4 2025).
• Recommendations to the FPC community on how to continually monitor ongoing and new initiatives in the cross-border space.

Membership Criteria

Technical Expertise preferred in managing, implementing, developing, or using cross border transactions, including ACH and debit/credit. Ability to synthesize research into summary findings. Open to representatives from all segments, but ideal to have representatives from financial institutions, technology providers, and end users, at a minimum.

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Digital Assets in the Financial Industry Work Group Signup Form

This work group meets every other Thursday at 10:30am CT.

Mission & Scope

Discuss and advise on the usage of digital assets related to the financial services industry, focusing specifically on payments made with digital funds – central bank digital currency (CBDC), regulated liabilities, and stablecoins. Review the advantages (and disadvantages) of using digital assets in conjunction with faster payments to identify potential benefits, models for implementation, and use cases to instantaneously transact and transfer digital funds within the U.S. Boundaries on the scope of effort are limited to the movement and storage of digital assets that use faster payments to purchase digital funds or to pay with digital funds, and it excludes investments. The Digital Asset Work Group will collaborate with Cross-Border Payments and Fraud Work Groups, as well as other FPC groups in subject areas that overlap.

Objectives & Goals

1. Definition of Digital Assets

• Identify the sub-categories and types of digital assets.
• Define how faster payments can interoperate and live alongside digital assets with a focus on benefits, risks, high value use cases, and timing expectations.

2. Digital Assets to Support Faster Payments 

• Identify the major opportunities and challenges in supporting faster payments that are gaining momentum and are unique to digital assets. 
• Identify the enabling technology and operationalization of digital assets needed to implement.

3. Reach and Expanded Usage of Digital Assets

• Identify emerging opportunities for various stakeholders, including traditional financial service organizations and fintech solution providers, to begin planning for the use of stablecoins and other digital assets as a service offering.
• Focus on implementation efforts by various stakeholder market segments to expand the reach of digital assets by leveraging blockchain and distributed ledger technology.
• Examine points of intersection with other FPC work groups to foster interconnectivity and interoperability of digital assets.

Deliverables

Blogs, white papers, webinars, and briefing documents summarizing research findings that focus on disrupters and maturity, and considerations for the financial industry as they scale the adoption of digital assets for faster payments. Presented in education sessions and opinions on the subject.

• Insights on industry developments and emerging opportunities in the digital assets payments environment, focusing on a prioritized view of market segmentation adoption, and emphasis on the use of distributed ledger technology and fintech solutions.
• Monitor the development of industry standards and the regulatory environment of digital assets faster payments with a view to the next 12 to 24 months (2Q 2025 – 2Q 2027).

Ongoing updates and recommendations to the FPC community on ways to expand the reach of the digital assets faster payments initiative, considering pressing circumstances and the activities in the global market.

Membership Criteria

Background or strong interest/enthusiasm in digital assets in the financial industry, or experience with faster payments in a digital currency environment would be helpful. Prefer to have broad representation from industry segments including financial institutions, business end-users, payment network operators, payment processors, and consumer groups. 

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Directory Models Work Group Signup Form

Mission & Scope

Engage stakeholders to assess friction points and establish best practices to support ubiquitous directory capabilities. Work with industry stakeholders to enable interoperability and leverage directories to promote the adoption of faster payments.

The Directory Models Work Group will focus on directories as they relate to faster payments consistent with the definitions accepted by the U.S. Faster Payments Council. Particularly, scope will be limited to schemes supporting push transactions between accounts with immediate (or at a minimum same day) funds availability per transaction.

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 that articulate the impact to faster payments stakeholders which leverage the capabilities of an interoperable directory

Deliverables & Timeframes

• Examine best practices related to optimizing directory models to reduce friction in the payment value chain and increase adoption of faster payments.
• Assess current state of directory models and build out gap analysis that reflects what’s missing/could make them more broadly used.
• Provide summary of directory implementations in other economies, and include lessons learned and best practices related to their respective experiences.
• Review emerging faster payments that affect directory models (e.g., FedNow), assess impact on current models/platforms, engage SMEs in what it would take to achieve’ stakeholder adoption.

Membership Criteria
Open to any US Faster Payments Council member. The Work Group will make every effort to include those individuals involved in directory-type of businesses today.

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Education and Awareness Work Group Signup Form

This work group meets every other Wednesday at 1:00pm CT.

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 expand the cross-solution education and awareness program that aligns with the FPC's higher level strategies and priorities of reach, experience, and trust.

The work group will include researching existing and developing additional 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 and other FPC work groups; establishing a continuous assessment to ensure education and awareness materials are produced in an efficient manner; reaching the intended audiences through the FPC Knowledge Center with a focus on glossary of terms, FAQs, and use cases; and helping increase market understanding and drive adoption of faster payments.

The objectives will include the following:

• Outreach: Recommend the best types, channels, and methods of communication to educate, train, and reach internal and external audiences, including consumers and businesses.
• Production: Produce high quality deliverables such as videos, presentation materials, infographics, and other forms of effective communication that address the outreach objectives. 
• Maintenance: Expand and maintain content in the EAWG Knowledge Center with a focus on the glossary terms, FAQs, and use cases.

Deliverables & Timeframes

• Evaluate current educational materials to identify gaps in addressing specific audience needs. Ensure the Glossary of Terms, FAQs, and Use Cases in the Knowledge Center remain up to date and relevant and regularly review and update all key industry resources to maintain the overall quality and usefulness of the educational content.
• Create new educational content, develop a variety of content types, such as infographics, videos, webinars, virtual education forums, and interactive tools. (2025)
• Identify potential collaboration opportunities with existing stakeholders and FPC work groups to ensure alignment and avoid duplication of efforts. (2025)
• Develop and implement feedback mechanisms (e.g., surveys, feedback forms, stakeholder interviews) to gather qualitative and quantitative data on the usefulness and impact of EAWG educational resources and use this data to continuously improve future content and delivery methods.

Membership Criteria

A background or strong interest in developing and producing educational materials and industry outreach resources for the payments industry is desired. Participating members should cover a broad representation from industry segments including financial institutions, end-users, payment network operators, fintechs, and consumer groups. 

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Financial Inclusion Work Group Signup Form

This work group meets every other Wednesday at 12:00pm CT.

Mission & Scope

Mission is to provide a blueprint for leveraging faster payments to accelerate access to the financial system for unbanked and underserved Americans. By focusing on the needs and experiences of individuals and small businesses, we aim to empower these communities with equal access to payments.  Our scope specifically targets not only the unbanked and underserved consumers but also includes small businesses across the United States, fostering inclusivity and financial empowerment.

Objectives & Goals

• Utilize new data from relevant and topical sources to ensure full understanding of the continuing needs of unbanked and underserved consumers and small businesses.
• Understand how information, use cases and human stories can be conveyed to Financial Institutions to inspire them to be part of the solution set, within the scope of faster payments.
• Champion ways in which Financial Institutions, Fintechs, and alternative financial services can work together for more inclusive payment transactions, instant payments, and accessibility.
• Identify opportunities and benefits for the industry as a whole, to serve this segment of the economy directly or indirectly through partners.
• Inform relevant stakeholders of how faster payments adoption is part of a holistic approach to advancing financial inclusion in the United States by mitigating some or all the issues, concerns, and needs of unbanked and underserved consumers and small businesses.

Deliverables & Timeframe

The Financial Inclusion Work Group’s output will be delivered in phases. Incremental industry resources will be in the forms of town halls, research reports, short form/blogs/infographics, and/or opinion pieces on the following:

• A wide range of information outlining the current state of Financial Inclusion, where are FI’s working towards the adoption of faster payments including access to technology, challenges, and opportunities. Deliverable development in 2024, deliverable complete and available to the industry, target is mid-2025.
• The potential role of digital assets in expanding financial inclusivity is significant. Collaborative efforts are essential, and in 2024, we plan to work closely with the Digital Assets Work Group (DAWG) and other industry resources to drive this initiative. Deliverable complete and available to industry early 2025.
• Recommendations to the FPC community on how to continually monitor ongoing and new initiatives in the realm of faster payments to ensure Financial Inclusion. Deliverable development in 2024, incremental deliverables completed in phases throughout 2025.

Membership Criteria

Those with direct or indirect experience in this are would be primary contributors. Those planning to work with underserved or are just interested to learn more about this segment of the economy would also be welcome. Financial Institutions, FinTechs, companies with demonstrated track record, that are passionate about financial equality or what to learn more about this segment of the economy and/or mission alignment in providing products and service or advocacy, coaching, and/or education for the unbanked.

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Operational Considerations for Instant and Immediate Payments Work Group Signup Form

This work group meets every other Wednesday at 10:00am CT.

Mission & Scope

To provide financial institutions with practical guideposts for effectively managing operational changes, including process adaptation, redesign, and staffing adjustments, necessary for successful adoption of instant and immediate payments. The scope of this work group focuses on internal bank operations that necessitate change to effectively implement and manage instant and immediate payments, encompassing transaction processing, risk management, customer service, and compliance.    

Objectives & Goals

• Establish critical touch points in the value chain to enhance operational efficiency, manage risk, ensure compliance, and foster a positive customer experience.
• Educate financial institutions on “real-life” operations in a 24/7/365 environment and provide guidelines that will help sustain or accelerate the momentum of adopting instant and immediate payments processes.
• Explore case studies and relevant anchors applied by financial institutions that have helped sustain an effective operation once instant and immediate payments are embedded in the business model.
• Explore existing resources or tools related to instant and immediate payments operations.
• Provide resources to inform and provide insights for stakeholders to effectively manage bank operations for instant and immediate payments.
• Collaborate with other FPC work groups to integrate operational considerations perspectives across all FPC initiatives.

Deliverables

The work group will produce whitepapers, case studies, workshops, conference sessions, and other resources to deliver guidelines to financial institutions for immediate and instant payments. These deliverables will leverage developed guidelines to assist, aid, and educate financial institutions for operational readiness and advancement. Key considerations that will inform and complement their business operations include:          

• Whitepapers will serve as foundational educational resources built upon developed guidelines, these papers will contain a culmination of research and insights on best practices in the industry. They will inform financial institutions on managing the coexistence and integration of payment rails to sustain a new immediate and instant payments infrastructure, providing actionable knowledge for operational readiness through examples of best practices.

• The following considerations, derived from and embedded within the guidelines developed, will be assessed as part of the framework:
  • Recommend operational models that include the payment flow along with roles and responsibilities of both the sending and receiving institutions, ensuring clear understanding and effective implementation.
  • Explore the best practices for liquidity management, reconciliation, dispute, exception processing, and 24/7 accountholder service needs, facilitating seamless and reliable operations.
  • Raise awareness of regulations and compliance considerations that affect instant and immediate payments, providing key education for navigating the regulatory landscape.
  • Assess risk management practices for fraud and security as it relates transaction processing and resolving exceptions, aiding in the accessibility of detection tools.
• Encourage continued action and practical application of the guidelines, by exploring case studies, workshops, and conference sessions to drive operational advancement.

Membership Criteria

Background or strong interest/enthusiasm in bank operations, developing educational materials, and experience with instant or immediate payments desired. Prefer to have broad representation from industry segments including financial institutions, payment network operators, payment processors, and consumer groups.

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QR Code Interface Work Group Signup Form

Mission & Scope

Describe how payment QR codes can facilitate adoption and usage of faster payments and provide considerations and recommended best practices for 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 provide a brief review of payment QR codes and reference implementations. It will identify and describe faster payment use cases whose adoption may be improved by using QR Code as the initiator. The use case descriptions will be accompanied by recommendations for best practices and any related stakeholder considerations.

Deliverables

1.  Publish a report for all users of faster payments systems around the following subjects.

     a.  Introduction to QR codes for faster payments.

          i.  Brief review of payment QR codes.

          ii. Example implementations of payment QR codes.

     b.  Suggest with some justification which use cases may best assist in the adoption of faster payments in the U.S.

     c.  Describe the top use cases incorporating QR Code to facilitate faster payments.

         i.  Recommend best practices for use.

         ii. Provide stakeholder considerations, benefits, and impacts.
 

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Real-Time Recurring Work Group Signup Form

This work group meets every other Tuesday at 3:00pm CT.

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

Address Fraud and Risk concerns around real-time recurring payments for merchants as well as large and small financial institutions; hone-on on authentication and visit irrevocability concerns, leveraging analysis performed by other FPC work groups (e.g., Fraud, Directory Models, API) as applicable.

1) Generate areas of research through lens of recurring faster payments.

      a.  Current pain points, channel orientation.

      b.  Real-time recurring payment use case walk through, focusing on authentication requirements from the user perspective.

      c.  Market drivers for authentication and need for authentication in real-time recurring payments.

      d.  Consumer and merchant liability concerns.

      e.  Emerging scheme rules as they relate to addressing risk for real-time recurring payments.

2)  Output deliverable (2023) - Published opinion piece based on secondary research and FPC work group members experiences.

Membership Criteria

Membership should represent a variety of industries, requiring a background and understanding in billing/payment processes. Representation will be needed from merchant/end-users along with bank and financial institutions. Operators of faster payments systems including TCH and the Federal Reserve are also encouraged to participate. Members should have the ability to pull technical SMEs within their organization, when needed.

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Secure Instant & Immediate Payment APIs
Work Group Charter

This work group meets every other Tuesday at 2:00pm CT.

Mission & Scope

Develop guidelines and best practices for the use of secure APIs for enrolling/onboarding users and for the initiation of instant and immediate payments, regardless of the network used.

Objectives & Goals

• Enhance the industry's understanding of APIs and how APIs are used in onboarding/enrollment and the initiation of payments in the United States and in other markets.
• Build understanding of various stakeholder perspectives and how secure instant and immediate payments APIs could meet the needs, and desires of relevant stakeholders.
• Identify best practices by examining existing implementations of enrollment/onboarding APIs and payment initiation APIs.
• Provide industry guidelines on the development and use of secure APIs for enrollment/onboarding and initiating instant and immediate payments.

Deliverables

1.   Inventory of APIs in support of instant payments as categorized by functionality and segmented by channel.
   a.    List of existing industry efforts regarding payments APIs to ensure the work group’s efforts are sufficiently differentiated in terms of both content and participants from other efforts.
   b.    Stakeholder Survey to validate stakeholder requirements by industry.
   c.    A list of business processes that can be built into the APIs to streamline processes and achieve greater efficiency and safety.
2.   Industry best practices for APIs technical security including taxonomy of technical interfaces, data protection and secure coding. 
   a.    Review of EU Open Banking Initiative and lessons learned for U.S. implementation.
3.  Publish guidelines on the use of secure APIs for onboarding/enrollment and initiating instant and immediate payments.

Membership Criteria

Participants should bring either the relevant perspectives regarding the needs and desires of their organization as well as the authority to speak on behalf of their organization. Additionally, the work group will require members with strong technical knowledge regarding the development of payments APIs and members with strong technical knowledge regarding the message specifications, data elements, etc. required to transact on all instant payments networks.

    

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