Catalyst News

Checkpoint #2 from the Road to Faster Payments

by Catalyst Corporate | Nov 26, 2019

FPC Fall Member Meeting Update

The U.S. Faster Payments Council (FPC) recently held its Fall Member Meeting in Boston to discuss the future of faster payments. Attendees contributed valuable insights, and thoughtful discussion centered on the state of the industry and the latest work group progress.  

According to the FPC, “The event featured an update on the ever-evolving faster payments landscape, the FPC’s strategic direction and more, and members participated in a series of networking events, tabletop discussions, and Work Group breakouts.”

As previously reported, the FPC established six Work Groups to address core faster payments issues, and Catalyst Corporate has a team member on each. These Work Groups dedicated time at the Fall Member Meeting to further establish the groundwork needed for the development of a ubiquitous faster payments solution.

“Across the board, all our Work Groups have been prioritizing their deliverables and creating a work plan for the next quarter. They’re acting now to set the course for the next few months,” the FPC stated.

The latest Work Group breakout efforts included the following:

  • Directory Models Work Group – explored the directory model payment flow in a P2P real-time payments use case, with the goal of determining the friction points to address for system interoperability.
  • End-User Transparency Work Group – finalized the framework of its business transparency guidelines to complement the existing consumer guidelines. This Work Group was subsequently dissolved as members felt its initiatives had been accomplished or were currently being addressed by other Work Groups.
  • Education and Awareness Work Group – discussed the release of the Faster Payments Playbook for financial institutions and set priorities for creating informational and educational content for business end users as a next step. The FPC and Nacha partnered to develop this two-phase resource. The first phase of the Faster Payments Playbook was developed for financial institutions, while phase two will focus on corporations.
  • Fraud Work Group – began the development of a white paper to address best practices and approaches for industry collaboration to alert one another of potential fraud schemes.
  • Regulatory Work Group – began work on a regulatory toolkit for FPC members, starting with an aggregated list of laws and regulations that apply to faster payments that will ultimately be available to legal and compliance departments.
  • Safety and Security Work Group – continued its work on the draft FAQs for financial institutions and consumers around the safety and security of faster payments.

Other important updates – Catalyst Corporate and the FPC:

  1. Catalyst Corporate submitted a response to the Federal Reserve Board’s request for comment regarding its interbank 24x7x365 real-time gross settlement service, FedNow. Reponses were due November 7, 2019. Catalyst Corporate’s response can be viewed here. All comments can be viewed on the Fed’s website.
  2. Catalyst Corporate has renewed its annual FPC membership and will continue to serve as a voice for our members.

Stay connected to the faster payments initiative.
Catalyst Corporate will continue to provide updates from the U.S. Faster Payments Council as they unfold. More details on the FPC Fall Member Meeting are available here.