October 13, 2017, 11 a.m. EDT
The Federal Reserve, on behalf of the Governance Framework Formation Team, announced the 27 members of the collaborative industry short-term work group that will focus on developing a governance framework for faster payments in the United States. The work group, originally called the interim collaboration work group, was established by the Faster Payments Task Force and described in a recommendation in its July 21 final report titled, “The U.S. Path to Faster Payments.”
In response to the Faster Payments Task Force’s request that the Federal Reserve facilitate the work of the Governance Framework Formation Team, Sean Rodriguez, faster payments strategy leader at the Federal Reserve and chair of the task force, will serve as chair of the 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.,” said Rodriguez. “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 Governance Framework Formation Team objectives include:
The formation 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.
Prior to its dissolution, the Faster Payments Task Force elected the initial membership of the Governance Framework Formation Team to ensure representation of all stakeholder perspectives in the effort, in addition to providing the team latitude to appoint additional members to secure needed expertise and perspectives. With the task force elections and subsequent appointments, the Governance Framework Formation Team believes the final roster achieves this broad representation. The members are:
Additional information about the Governance Framework Formation Team can be found on FasterPaymentsTaskForce.org (Off-site). To follow work group efforts, sign-up via the Engage page on FasterPaymentsTaskForce.org (Off-site).