The road to faster payments is still under construction with a great deal yet to be done to create a safe, instant and ubiquitous platform. A milestone was reached this week when a new document was released establishing an organization that will provide on-going guidance on how faster payments will be governed. Finextra, (yes, I do see the irony of highlighting a UK based publication regarding a U.S. payment type) outlined the purpose of the document and the highlighted the request for input from stakeholders in the industry:
The 27-member Governance Framework Formation Team (GFFT) has spent eight months working on the draft for the new council’s framework and has now released it into the wild, inviting others to provide feedback over the next 60 days.
With a host of new payments systems either recently arrived or in the pipeline, the council will work to drive interoperability, as well push for ubiquity and a high-quality user experience. In addition, the framework highlights openness and inclusiveness, flexibility and fairness and transparency.
Stakeholders can now offer their thoughts via an online survey to help determine whether there is broad agreement on the planned council and whether any refinements are needed.
A governance structure will be critical to getting this brand new payments rails in place and to encourage ubiquity which, at this stage of development seems elusive.
Overview by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group
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