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: Glenn Wheeler

Work Group Vice Chair: Steve Wasserman

May Update: The Group’s glossary subgroup received final approval from the FPC Board on its expanded Faster Payments Glossary of Terms and will publish the new terms to the Knowledge Center in June. The Group’s FAQs subgroup continues to incorporate feedback from the Operations Committee and FPC Board into the draft of its Faster Payments FAQs Repository.

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Fraud Work Group


Work Group Chair: Lee Kyriacou

Work Group Vice Chair: Amanda Compton

May Update: The Group has been developing its Bulletin.02 that includes international country profiles . The Group’s subgroup continues to summarize fraud mitigation approaches including those internationally and, if appropriate, develop recommendations for fraud mitigation in the U.S. The Group also submitted a proposal to present at the Fall Meeting.

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Directory Models Work Group


Work Group Chair: Peter Tapling

Work Group Vice Chair: Lou Grilli

May Update:   The Group’s subgroup has continued its draft outline for a potential deliverable on the topic, “Economics of Federated Directory.” The areas being researched for the deliverable include ownership considerations, operational considerations, and pricing/payment model considerations of a federated directory. The Group also submitted a session proposal to present at the Fall Member Meeting.

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Cross-Border Payments Work Group


Work Group Chair: Barry Tooker

Work Group Vice Chair: Jonathan Holland

May Update: The Group is preparing a series of bulletins titled “How to ISO 20022” which will delve into key capabilities and global benefits of this framework for faster payments transactions The Group has also submitted session proposals to present at the FPC Fall Member Meeting.

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QR Code Interface Work Group


Work Group Chair: Scott Green

Work Group Vice Chair: TBD

May Update: The Group is focusing its next body of work on key market drivers, leveraging industry insights. A subgroup has been formed to develop an article and survey aimed at gathering FPC member perspectives on the use of QR Codes in faster payments.

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Real-Time Recurring Work Group


Work Group Chair: Josh Karoly

Work Group Vice Chair: Andrew Gomez

May Update: The Group recently published its latest deliverable, “ Navigating Instant Recurring Payments: Consumer, Business, and Financial Institution Perspectives ,” in the FPC's Knowledge Center. The new report addresses fraud and risk concerns around real-time recurring payments for merchants as well as large and small financial institutions.

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Secure Instant & Immediate Payments APIs Work Group


Work Group Chair: Moa Agrell

Work Group Vice Chair: TBD

May Update: The Group is building upon its recent publication, “Real-Time Payment APIs” by applying best practices to real-world scenarios. They plan to utilize a Hackathon as a platform to test and refine API best practice s focusing on the development and use of core API functions.

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Financial Inclusion Work Group


Work Group Chair: Anthony Serio

Work Group Vice Chair: TBD

May Update: The Group received final approval from the FPC Board on its new report, "Faster Payments and Financial Inclusion: Are faster payments financially inclusive? Financial institutions indicate work remains to be done." The Group also submitted a couple session proposals for the Fall Member Meeting.

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Digital Assets in the Financial Industry Work Group


Work Group Chair: Bo Berg

Work Group Vice Chair: Kevin Barr

May Update: The Group received final approval from the FPC Board on its third blog post, “Where Worlds Collide: Currency Conversion for Cross-Border and Digital Assets,” and will be posting it to the FPC's website soon. The Group also received approval on Blog.04, “Tokenized Deposits and the Potential for Faster Payments,” which will be posted in mid-June.

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Operational Considerations for Instant and Immediate Payments Work Group


Work Group Chair: Miriam Sheril

Work Group Vice Chair: Tony Cook

May Update: The Group is in the final approval stage of its next deliverable, “Guideline.02: Operational Considerations for Receiving Instant Payments." This new guideline is a follow up to the " Operational Considerations for Instant Payments Receive-Side Primer ," published in October 2023. In addition, the Group submitted a session proposal for the Fall Member Meeting.

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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 10 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

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:

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:

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.

Sponsored by:


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.
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.

Sponsored by:


Financial Inclusion 

Provides a blueprint for leveraging faster payments to accelerate access to the financial system for unbanked and underserved Americans.
QR Code Interface

Promotes the adoption of faster payments by developing QR guidelines and best practices for use by end users and financial institutions.
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.