Payments Executive Brief Issue 4: For a printable PDF of this issue, click here.
Faster payments are changing the overall payments landscape. With the advent of Same Day ACH, The Clearing House’s Real-Time Payments (RTP), and the Federal Reserve’s FedNow Service, a round-the-clock real-time payment and settlement service to launch as early as 2023, faster is becoming the new norm for payments.
With so much change, keeping pace with the latest advancements and understanding the opportunities and impact to your community bank can be challenging. That’s why, in part, the U.S. Faster Payments Council (FPC) was established. The goal of the FPC is to facilitate a payments system in which Americans can securely pay anyone, anywhere, at any time and with near-immediate funds availability. It is through member collaboration and education that the FPC works to realize its goal.
History of the U.S. Faster Payments Council
While the FPC launched in 2018, its beginnings date back to 2015, with the formation of the Faster Payments Task Force, an industry stakeholder group administered by the Federal Reserve.
From this effort, the FPC was born to facilitate ongoing collaboration around faster payments among all industry stakeholders.
About the U.S. Faster Payments Council
Today, the FPC is an independent membership group consisting of more than 150 members representing financial institutions, large and small; payments network operators; technology providers; consumer organizations; business end users; and other industry stakeholders. Members enjoy many valuable benefits including:
- Access to the latest faster payments news and information, current and emerging faster payments systems and use cases, implementation support, and education and resources.
- Opportunity to participate on work groups and committees and influence deliverables.
- Opportunity to vote on FPC recommendations that will shape the future of faster payments, vote for board members, and seek a seat on the board.
With its diverse membership base, the FPC is uniquely positioned to facilitate the collaboration necessary to generate the inclusive solutions that support achievement of a faster, ubiquitous, safe and efficient payments system.
The Opportunity for Community Banks
Demand for faster payments is here—and growing. By becoming part of the U.S. Faster Payments Council, you can get an insider’s preview about the latest trends, engage with the key players, and influence the direction and decisions to ensure you can meet your customers’ payments needs. Your participation also ensures that community banks reap the full benefits as a key member of the faster payments ecosystem.
While ICBA and ICBA Bancard are active members of the FPC, working to ensure the voice of community banks is represented in all FPC discussions, your membership allows you to advocate for the individual needs and goals of your organization, while amplifying the voice of community banks as a whole.
To learn more about the U.S. Faster Payments Council visit fasterpaymentscouncil.org. For additional resources from ICBA on faster payments, visit icba.org/payments.