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.