With innovation rapidly changing the nation's payments landscape, a diverse group of industry stakeholders spanning corporate, banking, retail, technology and other sectors recently released a draft faster payments governance framework for the U.S. Faster Payments Council (FPC). The framework is open to broad stakeholder feedback through June 22, and encourages treasury and finance professionals to contribute their insights and opinions.
WHY A GOVERNANCE FRAMEWORK?
A number of new and innovative faster payment solutions have come to market in the United States, and others may be emerging soon. Faster payments bring significant benefits to businesses and consumers alike. For corporate treasurers, faster payment solutions may allow more predictable budgeting and investing as well as the ability to quickly access working capital and support greater efficiency in the supply chain.
While momentum for faster payments is building, there remain a number of barriers to achieving ubiquitous faster payments in the United States, where anyone can securely pay another, anywhere, at any time and with immediate funds availability.
The proposed U.S. Faster Payments Council, with its focus on facilitating dialogue and collaboration across a wide array of faster payments stakeholders, will strive to uniquely address gaps and barriers to faster payments adoption so that corporations, small business owners, consumers and other end-users can benefit 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, and
- All parties having equitable access to efficiently resolve disputes and errors.