Catalyst News

Two ‘Hot’ Takeaways from the FPC Spring Conference

by Catalytst Corporate | Jun 08, 2021

“April showers bring May flowers” …and June heats up with faster payments progress by the hour! As summer temperatures settle in, the nation races toward real-time payments.

The U.S. Faster Payments Council (FPC) recently met at its 2021 virtual Spring Conference to discuss the latest work group efforts and council activities, along with other key industry proceedings and future endeavors. The two-day online meeting was packed with speaker sessions and panel discussions on a variety of faster payments topics.

Attendees received a summary of the latest progress from across the payments spectrum, including updates from the Federal Reserve and The Clearing House. Recent in-house advancements from the Education and Awareness Work Group (EAWG) were also discussed, along with cross-border payments, financial inclusion and, of course, fraud. Here’s a closer look at two of the “hot ticket” takeaways:

An update from FedNow

Nick Stanescu, senior vice president and business executive of the FedNow Service, spoke on a panel titled, “What’s Happening on the RTP Network and FedNow.” Within his commentary, Stanescu shared an update regarding the anticipated release of the Fed’s instant payments offering, FedNow℠. Originally slated for launch in 2023-2024, the Fed has now more narrowly defined its target date to 2023.

Stanescu noted that planning for the rollout of the FedNow Pilot Program is on track. With an initial “go-live” date scheduled sometime for second quarter 2022, efforts toward a ubiquitous faster payments service continue to move at a “hot and heavy” pace.

In January, Catalyst Corporate announced its participation in the FedNow Pilot Program, the latest example of our continued involvement at the forefront of the faster payments movement.

Education and Awareness Work Group developments

Education and awareness play a central role in the FPC’s mission “to foster better understanding of faster payments and confidence among providers and users, ultimately driving adoption and transaction volumes toward the industry goal of ubiquity.”

The Education & Awareness Work Group (EAWG) has been hard at work the last few months laying the groundwork, conducting research and educating the public on faster payments.

At the FPC Conference, Catalyst Corporate’s VP of Item Processing Operations Glenn Wheeler took part in the “Education and Awareness Showcase,” a panel highlighting the work group’s latest initiatives and upcoming projects. Among notable developments is the establishment of a new subgroup that has assembled the Payment Solution Provider Survey to gain widespread industry insight. The survey – which was released to membership this week – will help assess current real-time payments services in the marketplace and further support interoperability.

As access to information on faster payments grows increasingly important, the EAWG has enacted “a number of initiatives to continue publishing fresh content, which will build on the depth of information and ensure that FPC continues to be a resource for information concerning faster payments.” These educational resources can be found within FPC’s Faster Payments Knowledge Center.

Catalyst Corporate’s involvement in FPC initiatives continues to expand. As always, our intent is to represent the collective voice of our member credit unions and the industry in faster payments discussions.

We will continue to keep you abreast of the latest faster payments developments as they unfold. Stay tuned for more updates from the U.S. Faster Payments Council.