The Governance Framework Formation Team (GFFT) (Off-site) has released a report summarizing the findings from a survey of industry stakeholders held April 24 –June 22. The survey, designed to elicit feedback on the U.S. Faster Payments Council’s (FPC’s) Operating Vision (Off-site), revealed support for the FPC as well as insights on how it could be changed to better serve the needs of the payments industry.

The vision of the FPC is to facilitate a ubiquitous, world-class payment system where Americans can safely and securely pay anyone, anywhere, at any time and with immediate funds availability. The FPC’s Operating Vision highlights the GFFT’s proposed approach to the mission, guiding principles, structure, authority, funding and core focus areas of the FPC.

Survey results

The 34-question online survey generated 178 survey submissions and more than 1,000 comments from a broad range of industry stakeholders. Key findings include:

  • More than 85 percent of respondents indicated agreement with the FPC’s guiding principles
  • 70 percent of respondents indicated some level of agreement with the FPC’s likely effectiveness in achieving ubiquity
  • Nearly 70 percent of respondents indicated they were either interested or very interested in joining the FPC 

At the same time, certain aspects of the FPC had considerably less support across industry segments. For example, on funding, a majority of large financial institutions, business end users and consumer interest groups either were neutral or disagreed with the FPC’s Operating Vision. The overall level of agreement on funding was just slightly higher than a simple majority, at 56 percent. In addition, although majorities in all segments indicated at least some level of agreement with the proposed composition and role of the FPC’s Board, significant minorities in several stakeholder segments either strongly or generally disagreed with the FPC’s Operating Vision. 

Moving forward, stakeholder input will be an important part of the GFFT’s deliberations in reworking the Operating Vision to meet the faster payments industry’s needs.

Action Item:

For additional findings from the survey, or to download the full report, visit the GFFT (Off-site) page on FedPaymentsImprovement.org. To stay abreast of the latest news from the GFFT and other strategic payments initiatives, join (Off-site) the FedPayments Improvement Community.