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Deadline for your feedback on the proposed U.S. Faster Payments Council is 6/22

Dear members:

As Corporate One has the sole credit union representative on the Governance Framework Formation Team (GFFT), a diverse group established last year out of the former Faster Payments Task Force, I’m excited to remind you about an important milestone on the path to a “faster future” and request your help to ensure credit union voices are heard in what many consider the most significant change to our payment system in decades.

Please visit FedPaymentsImprovement.org to review the proposed design for the U.S. Faster Payments Council.

  • Your feedback on the FPC’s draft Operating Vision, including the proposed board, funding approach and dues, will help inform the resolution of open issues, foster inclusivity, provide equitable board representation, and meet anticipated funding needs.
  • Comments will be accepted now through June 22.

Purpose of the GFFT

For the past eight months, our very own Charles Harkness, SVP Strategic Operations Officer, has been collaborating with other industry stakeholders on the GFFT to develop a faster payments governance framework. Inclusive of all stakeholders, the GFFT aims to make decisions to facilitate interoperability and achieve ubiquity of faster payments for the U.S. by 2020, as well as navigate future challenges as technology and end-user needs evolve.

On April 24, the GFFT unveiled its draft governance framework design for a new organization to be named the U.S. Faster Payments Council (FPC). This design remains a work in progress, with a number of open issues, including the board and funding structure.

Importance of your feedback

Serving more than 105 million members across the U.S., credit unions are important stakeholders in the proposed FPC, and it’s vital we actively take part in its formation. Your feedback is important to ensure the U.S. Faster Payments Council meets credit union industry needs. Please review the FPC’s draft Operating Vision and provide your feedback via an online survey. Comments will be accepted now through June 22.

With its focus on facilitating dialogue and collaboration across a wide array of stakeholders, the FPC will strive to uniquely address gaps and barriers to faster payments adoption and support achievement of faster payments ubiquity in 2020. The goal is a safe, ubiquitous, world-class faster payments system where consumers, corporations, small business owners and other end-users can pay anyone, anywhere, at any time with immediate funds availability, trust, and confidence.

I am proud of the role Corporate One has played in this important visionary initiative thus far, but now is the time for all credit unions to take advantage of this unique opportunity to have an equal voice in influencing the future of faster payments.

Best,
Lee C. Butke
President/CEO