Faster Payments Council Launches

The U.S. Faster Payments Council (FPC), which will coordinate the remaining implementation work identified by the Federal Reserve's task forces to modernize the U.S. payment system, launched Tuesday.

The FPC, comprised so far of more than 20 members including companies such as Mastercard, VISA and Walmart, will work toward the goal of creating "a ubiquitous, world-class payment system that allows Americans to safely and securely pay anyone, anywhere, at any time and with near-immediate funds availability."

According to the FPC's announcement, over the next two years the council will work on:

  • Supporting adoption of practices that enhance safety and security for service providers and users of faster payments;
  • Identifying, developing and supporting principles, guidelines and market practices that will address opportunities and emerging issues in an open and collaborative way; and
  • Developing an education and awareness program to foster better understanding of faster payments.

CUNA attended a Fed town hall meeting last week to discuss the proposal. There are three more town halls scheduled for St. Louis, Cleveland, and Atlanta.

Additional details on Friday’s meeting can be found on CUNA’s Removing Barriers Blog.