ABA Joins Other Payments Leaders to Launch Faster Payments Council

To continue U.S. progress toward faster payments, the American Bankers Association and several other leading organizations and institutions in the payments industry today launched the Faster Payments Council. The private-sector group grew out of a work stream of the Federal Reserve’s faster payments initiative, and its mission is to support safe and secure practices for service providers and payment users; ensure emerging challenges are addressed in a collaborative way; and develop an educational program to increase understanding of faster payments.

In addition to ABA, the founding members of the FPC include the Oklahoma City-based Bankers Bank; Kansas City, Mo.-based Commerce Bank; J.P. Morgan Chase; Madison, Wis.-based Bankers’ Bank; and Wells Fargo. Other members include payment card networks, core processors, payment system administrators and retailers. All U.S. payment system stakeholders are eligible to join.