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From the CEO
November 30, 2018

Dear members:

Fintech providers, government players, and everyday consumers continue to push forward the worldwide race for constant availability of real-time payments. Corporate One has been in the payments business for five decades, and it has long been part of our mission to help credit unions serve their members with payments. Many years ago, we saw a changing evolution in the payments world; then we understood the first new payments rail in 40 years would come to fruition, and we knew it was important for Corporate One to be on the cutting edge of this transition to ensure our members are ready for the industry’s shift to faster payments.

Therefore, I’m excited to announce that the U.S. Faster Payments Council (FPC) has been established and that Corporate One is a founding member and the only credit union serving on the FPC. As we’ve previously mentioned, the FPC is the result of a multi-year initiative that started with more than 320 industry stakeholders collaborating, with Federal Reserve support, as the Faster Payments Task Force. In its final report published in 2017, the Task Force directed the Governance Framework Formation Team (GFFT), whose goal was to develop an inclusive, faster payments governance framework, to make decisions to facilitate interoperability and achieve ubiquity of faster payments for the U.S. by 2020.

Our own SVP, Strategic Operations Officer, Charles Harkness, was the sole credit union representative on the GFFT, and he helped create the draft operating vision for the FPC. After considering diverse and substantial comments on a draft framework in the spring of 2018, the GFFT finalized what is now today’s Operating Vision for the FPC. Like Corporate One, most GFFT members have committed to being founding members of the FPC and are leading establishment activities for the new organization.

The FPC plans to focus on private-sector ways to address obstacles that inhibit the adoption of faster payments. Over the next two years, the FPC plans to identify, develop and support best practices, support adoption of safety and security practices for faster payments, and develop an educational and awareness program about faster payments.

How you can get involved

Along with Corporate One, one of the goals of FPC members is to grow membership in the council. If you are interested in learning more and finding out how your credit union can help shape the future of the nation’s payments system, visit https://fasterpaymentscouncil.org/ and/or register for one of two live informative webinars on December 5 and 13 led by FPC founding members.

 

Best,
Melissa Ashley
CEO/President