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. Additional work group summaries and updates will be uploaded soon. Interested in joining a Work Group? Sign up here. All members are welcome.
Education & Awareness Work Group
Work Group Chair: Charles Harkness
October Update: The Group’s Faster Payments Solution Providers industry survey results were published in the Faster Payment Knowledge Center with detailed results accessible in the Members Area of the website. The Glossary of Terms, Use Cases, and FAQs subgroups continued their work on upcoming deliverables that will become dynamic content in the online Knowledge Center. The Group has also planned FPC Town Halls in November and December as part of the educational series.
Download the CharterFraud Information Sharing Work Group
Work Group Chair: Andrew Haskell
October Update: The Group completed its industry survey on faster payments fraud and received several responses from FPC members. The Group’s Report Development subgroup is currently analyzing the results from the survey and will be building a report that summarizes the findings and provide recommendations to address gaps as well as lessons learned from other countries. The Group plans to host a Town Hall in early 2022 to share the initial results from the survey.
Directory Models Work Group
Work Group Chair: Peter Tapling
October Update: The Group is finalizing the design of the infographic that summarizes its two recent Members-only white papers. The “internet-consumable” document will be made publicly available in the FPC’s Knowledge Center by year end. The Group is also currently brainstorming several ideas and themes related to directory models for its next group of deliverables. Call for participation in work group new deliverables is open to all FPC members.
Download the CharterCross Border Payments Work Group
Work Group Chair: TBD
October Update: The Group The Group received final approval from the Operations Committee on its updated charter. The Group's next deliverable on the topic of Central Bank Digital Currencies and Cross-Border Faster Payments will be completed in stages, with each phase building off the review and findings of the previous stage(s) through incremental industry updates. Call for participation in work group new deliverables is open to all FPC members. Nominations for Chair of the Work Group are currently being accepted.
QR Code Interface Work Group
Work Group Chair: Scott Green
October Update: The Group has started work on its next deliverable, a white paper which will describe the use cases for QR Code initiated payments with recommendations for best practices. The Group has created an outline for the deliverable and several members have volunteered to research and develop content for various sub-sections of the paper. Nominations for Vide Chair of the Work Group are currently being accepted and will be appointed soon by the Operations Committee.
Real-Time Recurring Work Group
Work Group Chair: Josh Karoly
October Update: The Group's five small groups continue to make great progress on defining the beneficial characteristic categories, describing the benefits, and identifying why each benefit is important to both the merchant and payee. The small group categories include notification and bill, authorization, authentication, payment, and irrevocability. The full Group recently reviewed the payment and irrevocability sections of the real-time recurring payments template together and discussed feedback to be incorporated.
Download the CharterSecure Instant & Immediate Payments APIs Work Group
Work Group Chair: TBD
October Update: This is a new Work Group, estimated to launch by November, which recently sent out a call for participation to FPC members. The Group will 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.
Financial Inclusion Work Group
Work Group Chair: Gail Hillebrand
October Update: The Group’s Solutioning Group’s Solutioning subgroup has made great progress on compiling the list of consumer and small business pain points in order to identify the top issues today and where there is an opportunity for faster payments innovation. Next steps for the full Group will be to determine a structure and topics to be covered in the white paper that will share its findings from the industry research. The Group is targeting end of year for development of their first deliverable.
Download the CharterWork 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 eight work groups:
Real-Time Recurring
Promotes the development and adoption of real-time recurring payment solutions for business end users and financial institutions.
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:
Fraud Information Sharing
Works with existing fraud sharing forums to identify enhancements that will make processes more efficient and effective, with an aim towards fostering better user experiences, bolstering confidence and trust in faster payments.
Sponsored by:
QR Code Interface
Promotes the adoption of faster payments by developing QR guidelines and best practices for use by end users and financial institutions.
Sponsored by:
Secure Instant & Immediate Payment APIs
Develops 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.
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.
Financial Inclusion
Provides a blueprint for leveraging faster payments to accelerate access to the financial system for unbanked and underserved Americans.
Sponsored by:
Directory Models
Evaluates information, including reports produced by other industry-led work groups, intended to identify and assess an approach for best practices across directory models and/or dependent platforms for the faster payments ecosystem.