Your Feedback Needed on Draft Framework
for Ubiquitous Faster Payments in 2020
A draft governance framework for an organization to be named the U.S. Faster Payments Council is now available for broad industry feedback. A governance framework was identified last year by the former Faster Payments Task Force as critical to sustaining progress and achieving faster payments ubiquity in the United States.
By June 22, the Governance Framework Formation Team (GFFT) asks payments industry stakeholders to review and provide feedback (Off-site) on its draft framework.
The goal of the proposed U.S. Faster Payments Council is a ubiquitous, world-class payment system in 2020 where Americans can safely and securely pay anyone, anywhere, at any time and with immediate funds availability. The Governance Framework Formation Team has outlined the vision and need for the U.S. Faster Payments Council, along with its guiding principles, core functions, decision-making and collaboration processes, structure and funding approach. Please review this draft framework and share it within your organization.
PROVIDE YOUR FEEDBACK
Your feedback is vital to ensure the faster payments governance framework meets industry needs. The design is a work in progress, with a number of open issues, including the Board and funding structure. Our online survey will lead you through a brief set of multiple choice and open-ended questions on each section of the FPC’s Operating Vision (PDF).
After the 60-day feedback period concludes on June 22, survey responses will be summarized into key themes by industry segment, and compiled in a report that will be available on FedPaymentsImprovement.org. None of your responses will be directly attributed publicly or within the Governance Framework Formation Team.
The Governance Framework Formation Team is a short-term work group established by the Faster Payments Task Force in 2017 to recommend a faster payments governance framework for the U.S. marketplace. The formation team has carried out its mission in accordance with Recommendation One (Off-site) of the Faster Payments Task Force Final Report (Off-site) – The U.S. Path to Faster Payments. Its objectives were to:
- Develop an initial faster payments governance framework that incorporates public commentary; and
- Establish the framework and membership.
From its formation through April 2018, the team has focused on the structure, decision-making and processes of a governance framework. After seeking comment on its recommendations in spring 2018, the team expects to conclude its work in the second half of 2018.
It was important to the task force that the members of the Governance Framework Formation Team represent all stakeholder perspectives. Members were elected from within the task force or appointed by the formation team itself and include qualified representatives from each of the defined task force segments.