Education & Awareness Work Group

Work Group Chair: Charles Harkness

June Update: The Group’s Solution Provider subgroup recently launched its industry survey and distributed to FPC members. Once survey responses have been collected and analyzed, the Group will present the results in a matrix in the FPC’s Knowledge Center. The Faster Payments Glossary of Terms, FAQs, and Use Cases subgroups continue to make great progress on several deliverables targeted for completion by next quarter.

Fraud Information Sharing Work Group

Work Group Chair: Andrew Haskell

June Update: The Group has continued development of its survey on faster payments fraud and incorporated feedback from the Operations Committee. The next step is to engage with the EAWG Solution Provider Survey subgroup for feedback on the survey design and to discuss lessons learned. The industry survey is expected to launch in Q3 and a presentation summarizing the initial results and themes is planned for the Fall Member Meeting.

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Directory Models Work Group

Work Group Chair: Peter Tapling

June Update:  The Group is currently updating its charter to include new deliverables planned for the upcoming year. The Group has launched a new project that will create “internet consumable” summaries of its two recent Members-only white papers: “Beneficial Characteristics Desirable in a Directory Service” and “The Economic Benefits of an Independent, Interoperable Directory for Faster Payments.” The final resource will take the form of an infographic available on the FPC’s website.

Cross Border Payments Work Group

Work Group Chair: Kelvin Leung

June Update: The Group published its first deliverable, a “Cross-Border Faster Payments” white paper and issued a press release. The paper addresses use case and experience requirements for cross-border faster payments, particularly along the dimensions of speed, cost, ubiquity, transparency, and risk. The Group is now working on a letter in response to the FSB’s request for feedback on its consultative document, Targets for Addressing the Four Challenges of Cross-Border Payments.

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QR Code Interface Work Group

Work Group Chair: Scott Green

June Update: The Group is in the process of updating its charter and incorporating feedback from the Group’s members. The Group recently reviewed a Merchant Presented Flows diagram and the next flow to be considered is Closed-Loop and ON-US transactions. The Group’s first deliverable will present faster payments best practices and stakeholder considerations for use of QR Codes.

Real-Time Recurring Work Group

Work Group Chair: Josh Karoly

June Update: The Group has evaluated various recurring payments models and will extend these findings to the strawman process that has been started. The Group has also identified themes to consider for the journey map of its first deliverable and has been building its list of key beneficial characteristics of a real-time recurring payment solution. The Group will continue to share additional inventory/tools and processes available in the payments ecosystem as part of the strawman process.

Financial Inclusion Work Group

Work Group Chair: Adam Telem

June Update: The Group’s Small Business subgroup identified the top pain points for SMBs and will now focus on how new faster payment solutions can address these pain points. The Group’s Consumer subgroup developed three broad themes of pain points, barriers, or hurdles, and has identified four clusters of characteristics and factors under these themes. The Group is also currently accepting nominations for a Vice Chair.