The Federal Reserve, on behalf of the Governance Framework Formation Team, announced the 27 members of an industry short-term work group that will focus on developing a governance framework for faster payments in the United States.
Originally called the interim collaboration work group, the group was established by the Faster Payments Task Force and described in a recommendation in its July 21 report, “The U.S. Path to Faster Payments.”
Sean Rodriguez, faster payments strategy leader at the Federal Reserve, will serve as chair the work group.
“The work of the Faster Payments Task Force was successful because 300-plus payment stakeholders came to the table with a common goal of an improved payment system for the U.S.,” Rodriguez said. “I’ve seen this same enthusiasm with the Governance Framework Formation Team. They are committed to working together in order to achieve the task force vision of ubiquitous faster payments capabilities in the U.S. by 2020.”
The group is charged with developing an initial faster payments governance framework. The team will initially focus on the structure, decision-making, and processes of a governance framework, and is committed to keeping industry stakeholders abreast of progress by seeking comment on its recommendations in the spring of next year, with the goal of concluding its work in the second half of 2018.