Education & Awareness Work Group

Work Group Chair: Glenn Wheeler

Work Group Vice Chair: Steve Wasserman

August Update: The Group is developing a dynamic web display of the latest version of its Faster Payments Glossary of Terms for the FPC’s Knowledge Center. The Group’s FAQs subgroup will be presenting the content for the Faster Payments FAQs Repository to the Operations Committee in October. The Group will also be presenting the session, “Careful What You Ask For, You Just Might Get It: Faster Payments Use Cases!,” at the Fall Meeting.

Fraud Work Group

Work Group Chair: Lee Kyriacou

Work Group Vice Chair: Amanda Compton

August Update: The Group is launching a series of reports for financial institutions, operators, processors, and end-users that summarizes the findings on faster payments fraud and perception of fraud. The draft of the first bulletin which includes a summary of prior fraud deliverables, current trends, mitigation techniques, and identifying gaps, is in final review by the Group with plans to share  with the Operations Committee for review and feedback in 3Q. The Group will also be presenting a session at the Fall Member Meeting titled, “Managing Account Opening Risks and Screening Inbound Transactions.”

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Directory Models Work Group

Work Group Chair: Peter Tapling

Work Group Vice Chair: Lou Grilli

August Update:  The Group's next deliverable will explore the role of “directory of directories” in the U.S. faster payments landscape. As part of the process, the Group interviewed U.S. companies currently using a directory within their business and are currently  outlining their findings. The Group will be presenting a session titled, “Decoding a Complex Directory Landscape,” at the Fall Member Meeting.

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Cross-Border Payments Work Group

Work Group Chair: Barry Tooker

Work Group Vice Chair: James Sellick

August Update: The Group has completed the draft deliverable that builds on the principles from the “Cross-Border Faster Payments” white paper published in 2021 and explores the practicalities and realities of cross-border payments in a faster payments’ world. The document is under final review by the Group with plans to advance to the Operations Committee in 3Q. The Group recently updated the deliverable section of its charter and received approval from Operations Committee. The Group will be presenting a session at the Fall Member Meeting titled, “The Practicalities of Cross-Border Payments in a Faster Payments World.”

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QR Code Interface Work Group

Work Group Chair: Scott Green

Work Group Vice Chair: Steve Mott

August Update: The Group continues to develop its next deliverable on the topic, “How QR Codes Address ‘the Last Mile’ of Adoption – Especially at POS.” The paper will examine the transactional processes and experiences for end-to-end processing, and present what capabilities (including options) might best suit the U.S. market. The Group is planning to present the draft of the paper to the Operations Committee for review and feedback in October.

Real-Time Recurring Work Group

Work Group Chair: Josh Karoly

Work Group Vice Chair: Hope Hacker

August Update: The Group is developing an opinion piece that will address fraud and risk concerns around real-time recurring payments for merchants as well as large and small financial institutions. The Group has completed the draft outline and is compiling the full narrative on the  research similarities, differences, authentication flows, and  their overall findings. The Group will be advancing the draft to the Operations Committee in 4Q for review.

Secure Instant & Immediate Payments APIs Work Group

Work Group Chair: Dean Nolan

Work Group Vice Chair: Moa Agrell

August Update: The Group shared the draft of its first deliverable, a white paper titled “Real-Time Payment Application Program Interfaces (APIs),” with the Operations Committee for feedback and now incorporating feedback into the draft. The Group will present the draft to the FPC Board for review in September and plans to publish the paper in the online Knowledge Center by early Q4.

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Financial Inclusion Work Group

Work Group Chair: Gail Hillebrand

Work Group Vice Chair: Adam Rust

August Update: The Group completed the  market survey designed to measure the commercial and product features to better understand readiness and preparation for faster payments solutions for financial inclusion. The Group received approval by the Operations Committee to advance to Board of Directors in 3Q. The Group continues to collaborate with the Cross-Border Payments Work Group on a joint bulletin on bill pay and remittances to family members. The next step will be to advance an outline of the bulletin to the Operations Committee for review in October.

Digital Assets in the Financial Industry Work Group

Work Group Chair: Bo Berg

Work Group Vice Chair: Kevin Barr

August Update: The Group has made progress on its first deliverable, an industry resource  summarizing research findings that explore disrupters and maturity, and considerations for the financial industry as they scale the adoption of digital assets for faster payments. The Group will be presenting a session at the FPC’s Fall Meeting titled, “Digital Assets & Faster Payments: Coming of Age.”

Operational Considerations for Instant and Immediate Payments Work Group

Work Group Chair: Miriam Sheril

Work Group Vice Chair: Tony Cook

August Update: The Group is developing a series of reports for financial institutions that contain guidelines for immediate and instant payments and key considerations to inform and complement their business operations. The Group recently shared the draft of the first report, Guideline.01(a receiver-side primer), with the Operations Committee for initial feedback. The Group will also be presenting a session at the Fall Meeting titled, “Effectively Managing Operational Change for Real-Time Payments.”