Faster Payments Council forms to accelerate digital pay framework adoption

Nov. 14, 2018

The U.S. Faster Payments Council, a new organization backed by some of the nation's largest banks, retailers, fintech companies and other entities, will work with the federal government in modernizing the nation's payments system to allow secure transfers of funds with near immediate availability.

The council, created by the Governance Framework Formation Team, is a 27-member group that includes J.P. Morgan Chase, Visa Inc., Walmart, Wells Fargo, Mastercard and Early Warning Services. It will work to resolve challenges holding back the industry from rapid adoption of a faster payments framework, according to a press release.

"The industry has clearly signaled that while our nation's faster payments capabilities are rapidly innovating, there's much to be done to promote ubiquity and faster payments adoption," said Douglas Berg, senior vice president of payment industry relations for Wells Fargo Bank, in the release.

Topics: Mobile Banking, Mobile Payments, Regulatory Issues

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