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Shaping the future of faster payments

20/06/2018

InstaPay Advisory Board member, Gene Neyer from Icon Solutions, recently co-led a webinar discussion in conjunction with WingCash CEO Bradley Wilkes, about the newly proposed organization, the U.S. Faster Payments Council (FPC).

Neyer and Wilkes are among 27 members of a diverse industry group called the Governance Framework Formation Team (GFFT), which was tasked by its predecessor, the Faster Payments Task Force, with developing an inclusive faster payments governance framework to make decisions to facilitate interoperability and achieve ubiquity of faster payments in 2020.

The webinar was attended by 70 payments industry stakeholders and aimed at encouraging participants to offer their initial feedback on the proposed governance framework for the FPC.

So what will the US payments system look like once ubiquity is achieved?

The GFFT envisions a ubiquitous, world-class faster payment system where consumers, corporations, small business owners and other end-users can pay anyone, anywhere, at any time with immediate funds availability, while benefiting from:

• Payments and payment information that move seamlessly for end users, regardless of the varied solutions they may be using
• Effective cross-solution risk management that enables trust and public confidence in the safety and security of these new, interoperable faster payments to flourish
• Payers and payees receiving confirmation of a payment within seconds, even when the payment moves across solutions
• All parties having equitable access to efficiently resolve disputes and errors.

Feedback is welcomed and encouraged to ensure the FPC meets evolving industry needs. You can visit FedPaymentsImprovement.org to review the proposed design for the U.S. Faster Payments Council and to participate in a survey until June 22nd.

Author: Kate Nelson