WASHINGTON—The U.S. Faster Payments Council, which will coordinate the remaining implementation work identified by the Federal Reserve's task forces to modernize the U.S. payment system, launched this week.
The council, comprised so far of more than 20 members including companies such as Mastercard, VISA and Walmart, was formed with a goal of working toward the goal of creating "a ubiquitous, world-class payment system that allows Americans to safely and securely pay anyone, anywhere, at any time and with near-immediate funds availability."
NAFCU has served on the task forces since their inception in 2015.
The council stated that over the next two years it will work on:
- Supporting adoption of practices that enhance safety and security for service providers and users of faster payments
- Identifying, developing and supporting principles, guidelines and market practices that will address opportunities and emerging issues in an open and collaborative way
- Developing an education and awareness program to foster better understanding of faster payments