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The U.S. Faster Payments Council (FPC) is an industry-led membership organization whose vision is a world-class payment system where every person or organization can safely and securely pay anyone, anywhere, at any time and with near-immediate funds availability. By design, the FPC encourages a diverse range of perspectives and is open to all stakeholders in the U.S. payment system. Guided by principles of fairness, inclusiveness, flexibility and transparency, the FPC uses collaborative, problem-solving approaches to resolve the issues that are inhibiting broad faster payments adoption in this country.

Background
The FPC is the culmination of a multi-year initiative that started with 320+ industry stakeholders coming together, with Federal Reserve support, as the Faster Payments Task Force. In its final report published in 2017, the task force directed the Governance Framework Formation Team (GFFT) to develop and implement a faster payments governance framework, inclusive of all stakeholders, to facilitate ubiquity of faster payments in the United States.

After considering diverse and substantial comments on a draft framework in the spring of 2018, the GFFT finalized what is now today’s Operating Vision for the U.S. Faster Payments Council.

Strategic Groundwork for the FPC


 * 2015: Strategies for Improving the U.S. Payment System
 * 2016: Faster Payments Effectiveness Criteria
 * Winter 2017: The U.S. Path to Faster Payments, Part One
 * Summer 2018: Industry feedback report on GFFT Operating Vision.

Foundational Principles
The FPC’s structure, operations and activities adhere to fundamental principles:

Inclusiveness and Fairness:


 * Through diverse, segment-level representation on the Board and opportunities to serve on committees and work groups, active members have a voice in the FPC’s direction and are informed by the perspectives of other members.
 * The FPC provides safeguards for information sharing and collaboration among members on issues of common interest.

Flexibility and Responsiveness:


 * Members choose whether to adopt FPC recommendations and are able to implement them consistent with their individual organizations’ needs.
 * The FPC can quickly stand up work groups to target mutual problems and respond to issues facing faster payments. When appropriate, it will work with existing organizations to complement industry initiatives.

Transparency:


 * The FPC has open, transparent and objective processes for internal deliberations and decision making.
 * Consensus decision making is a priority for FPC recommendations having a significant impact on any member; while not every decision may be unanimous, minority voices will have open, inclusive opportunities to be heard.

Work Group Operations
The FPC is advancing the level of understanding within the payments ecosystem through focused work groups aimed at collaboration, problem solving, and delivering insights for the broader industry.


 * 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.
 * 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.
 * Education and 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.
 * Financial Inclusion: Provides a blueprint for leveraging faster payments to accelerate access to the financial system for unbanked and underserved Americans.
 * 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.
 * QR Code Interface: Promotes the adoption of faster payments by developing QR guidelines and best practices for use by end users and financial institutions.
 * Real-time Recurring Work Group: Promotes the development and adoption of real-time recurring payment solutions for business end users and financial institutions.

Deliverables
The FPC is providing thought-leadership to payments ecosystem participants across all stakeholder segments. The FPC's Knowledge Center contains resources for those interested in learning about the ongoing evolution of the payments system in the United States.