The evolution of payments is occurring at a rapid pace, bringing along with it the need for industry collaboration to provide a system that delivers safety and security, as well as flexibility, to accommodate the future of real-time payments. To address this need under the guidance of the Federal Reserve, the U.S. Faster Payments Council (FPC) launched with a purpose of seeking inclusive solutions under a standard framework. The nation’s premier payments credit union service organization, PSCU, is proud to be a founding member of the FPC and represent credit unions across the United States through this council.
The formation of the FPC is a step toward modernizing the country’s payments system. The FPC will be focused on private-sector approaches to solving problems and addressing issues that inhibit adoption of faster payments. The organization will channel its resources toward the most pressing challenges and opportunities facing the financial services and payments industries through dialogue, collaboration and education.
Over the next two years, the FPC will focus on the following objectives:
- Supporting adoption of practices that enhance safety and security for services providers and users of faster payments
- Creating guidelines that address opportunities and emerging issues in an open, collaborative way
- Developing an educational and awareness program to foster a better understanding of faster payments
Read more on PSCU to Advance Real-Time Payments as a Founding Member of the U.S. Faster Payments Council…