Work Group Summaries and Progress Updates
Read summaries on all the work groups and stay up to date on all the great progress underway by the work groups. Interested in joining a Work Group? Sign up here. All members are welcome.
Education & Awareness Work Group
Work Group Chair: Kathy Feringa
Work Group Vice Chair: Steve Wasserman
August Update: The Group continues collaborating with the Digital Assets Work Group to expand the Faster Payments Glossary, with work underway on more than 100 digital asset-related terms and definitions. The Group is also developing maintenance plans for key educational resources, including the glossary, FAQs, Use Case Repository, and Service and Solution Provider Catalogues, to help ensure these resources remain current and valuable to the industry.
Fraud and Scam Mitigation for Faster Payments Work Group
Work Group Chair: Lee Kyriacou
Work Group Vice Chair: Shelley Rojano
August Update: The Group is advancing several initiatives focused on fraud prevention and information sharing, including a fraud survey infographic that is nearing full Work Group review and a new effort addressing money mule and illicit receiving account awareness and information sharing. The Group is also supporting efforts through the ASC X9 Payment Fraud Forum to advance more consistent fraud reporting practices across faster payment networks.
Cross-Border Payments Work Group
Work Group Chair: Jonathan Holland
Work Group Vice Chair: Divya Raghupatruni
August Update: The Group's latest report, "Interoperability: Bridging the Cross-Border Gap in a Faster Payments World," was just published in the FPC's Knowledge Center. The Group is also developing its next deliverable that will be focused on AI-driven efficiencies in cross-border payments. In addition, Jonathan Holland of M&T Bank was appointed Work Group Chair, and Divya Raghupatruni of Alacriti was appointed Vice Chair.
Instant Recurring Payments Work Group
Work Group Chair: Josh Karoly
Work Group Vice Chair: Andrew Gomez
August Update: The Group is nearing completion of its user flow deliverable, with members reviewing updated materials and determining how best to package the resource for business end users and merchants. The Group is considering an executive summary and educational video as potential components of the final deliverable and is preparing the content to move through the FPC approval process.
Digital Assets in the Financial Industry Work Group
Work Group Chair: Bo Berg
Work Group Vice Chair: Larry Pruss
August Update: The Group recently published its two-part blog series, "A Practitioner's Guide to the Rails, the Risks, and the Opportunity – Part 1" and "Blockchain in U.S. Payments: Architecture, Interoperability, and the Path to Production-Grade Deployment – Part 2." The Group will also publish its new report, "A Comprehensive Look at the U.S. Faster Payments Landscape for Optimal Operation," in early September. Additional efforts include finalizing an infographic on the economics of digital currencies, advancing a series of microblogs focused on digital asset regulations, and exploring the intersection of AI and digital assets through a new subgroup.
Operational Considerations for Instant & Immediate Payments Work Group
Work Group Chair: Miriam Sheril
Work Group Vice Chair: Dustin Martin
August Update: The Group’s upcoming deliverable, “Operational Considerations for Non-Value Messages,” is nearing completion of the FPC approval process, with Board review and approval planned for September. The Group is also developing a new online resource comparing operational differences between the FedNow® Service and RTP® Network, with members refining the content and format to provide financial institutions with an accessible reference for navigating the two networks.
Download the CharterInstant Payments Data Optimization Work Group
Work Group Chair: Satya Vandrangi
Work Group Vice Chair: Aaron Shaner
August Update: The Group is advancing work through its Network Data and Use Cases & Blockers to Adoption Subgroups, with both groups further defining the focus and priorities for their respective deliverables. Current efforts include addressing data integrity and payment rejection challenges and examining how enriched payment data can strengthen fraud identification, payment intelligence, and broader instant payments adoption.
Download the Charter
Exception Resolution for Account-Based Payments Work Group
Work Group Chair: Kimberly Stachak
Work Group Vice Chair: Azam Khalfe
August Update: The Group is progressing development of its foundational exception resolution deliverable, with its three payment lifecycle subgroups now drafting content and identifying exceptions across pre-transaction, during-transaction, and post-transaction activities. The subgroups are also developing best practices for key participants across the payment lifecycle, with their work ultimately contributing to a unified resource.
Download the Charter
Faster Payments User Experience Work Group
Work Group Chair: Caroline Cypriano
Work Group Vice Chair: Moa Agrell
August Update: The Group is making steady progress on its blog series exploring key user experience considerations for faster payments, with two draft blogs now completed at the subgroup level and preparing for full Work Group review. Additional blogs focused on interoperability, onboarding and identity verification, and mobile user experience remain in development as the Group works toward advancing the series through the FPC approval process.
Work Groups Are Where It's At!
Are you interested in having a voice on issues that currently stand in the way of achieving faster payments ubiquity in the United States? The FPC is currently recruiting members for 9 work groups:
Instant Recurring Payments
Promotes consumer-friendly instant recurring payment solutions for all instant payment users.
Sponsored by:
Education & Awareness
Develops 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.
Sponsored by:
Faster Payments User Experience
Aims to mitigate inconsistent user experiences by encouraging stakeholders to collaborate more effectively to ensure the evolving faster payments landscape remains accessible, efficient, ubiquitous, and scalable for all end users.
Sponsored by:
Cross-Border Payments
Gathers information/input on various models and use cases where there is a need or desire by consumers and businesses for real-time payments across borders.
Sponsored by:
Fraud and Scam Mitigation for Faster Payments
Focuses on collectively addressing fraud and scam issues involving faster payments, which can affect fundamental trust in faster payment systems and require heightened or different operational controls, risk management, and end-user education.
Operational Considerations for Instant & Immediate Payments
Provides financial institutions with guideposts to effectively manage operational change that instant and immediate payments have on bank operations.
Digital Assets in the Financial Industry
Maps out how digital assets relate to the financial industry, focusing specifically on payments made with digital funds – central bank digital currency (CBDC), regulated liabilities and stablecoin.
Instant Payments Data Optimization
Facilitates a collaborative effort among financial institutions, service providers, and payments associations to establish and promote best practices for data accuracy in instant payments, ensuring a smooth and secure transition from traditional to instant payments.
Exception Resolution for Account-Based Payments
Develops recommendations and best practices for exception resolution, which includes disputes, scams, fraud, and questions [or customer inquiries], specific to account-based payments, including ACH and instant payments.