NEACH's Faster Payments Executive Summary published monthly in a quick, easy-to-read charticle and blog post, is your go-to resource for staying in the know about new developments in the faster payments landscape.
Each month's briefing highlights contributions from such industry leaders as NACHA, The Clearing House, The Federal Reserve and other influential stakeholders, giving you the information you need to assess how these changes impact your organization and its members.
IN THIS MONTH'S ISSUE…
THE CLEARING HOUSE
Meanwhile, The Clearing House’s (TCH), RTP® System continues to work and grow market share. The Spring 2018 issue of RTP Updates states TCH’s current focus is to increase awareness and provide resources to help financial institutions get up to speed and on board. The TCH team continues to travel around the country and host monthly webinars to help FIs incorporate real-time payments into their strategy, develop business cases, and evaluate access options.
THE FEDERAL RESERVE
A series of quick-timed announcements show things are moving at the Federal Reserve. On April 12, 2018, the Fed released its April 2018 Progress Report Brochure, which highlights important work completed as it moves toward the goals outlined in the Strategies for Improving the U.S. Payments System and the Faster Payments Task Force Final Report, Part 1 and Part 2.
On April 24, 2018, the Fed also released a draft framework for a faster payments governance organization, the U.S. Faster Payments Council. The U.S. Faster Payments Council represents the work of the Governance Framework Formation Team (GFFT). GFFT is requesting broad industry review and feedback on its Operating Vision for the U.S. Faster Payments Council.
The survey will lead participants through a brief set of questions, followed by a request for written comments. We encourage you to include written comments so that the Fed may fully understand your position. According to the Fed, “Your responses are key to finding the best way to foster inclusivity, meet anticipated funding needs and provide equitable representation on the Board.”
The 60-day feedback period runs from April 24 to June 22.
Also, the FedPayments Improvement Community is seeking participants for its Faster Payments Improvement Legal and Regulatory Work Group. The invitation outlines the required commitment as follows:
The scope and nature of the legal and regulatory work stream will require expertise related to payments laws and regulations, as well as a significant time commitment. Specifically, individuals with regulatory experience, or those who have experience with the existing legal and regulatory environment and knowledge regarding potential faster payments regulatory-related issues and gaps, will be able to contribute especially valuable insight to this effort. Members should expect to dedicate 6 to 8 hours per week to workgroup responsibilities.
You will be asked to join a kick-off call on June 5, followed by an in-person meeting in late June (time and location TBD). To the extent possible, work will be conducted by email, telephone calls, and shared documents, to minimize travel and maximize flexibility. Workgroup members should expect to attend one to two in-person meetings per quarter for the duration of the work effort.
If you would like to participate as an active member of the work group and are able to commit to the level of effort outlined above, please complete the Participant Profile. You can access the Participant Profile by clicking on the link below. Please submit your profile to RSWG@chi.frb.org by Friday, May 18.
OTHER SOLUTION PROVIDERS
According to The New York Times, the personal payment network Zelle is flourishing, but so are the fraudsters. Its speed and ubiquity make it useful to customers and irresistible to thieves. The scale of the problem is hard to pinpoint. But Zelle assures its customers “the problem is under control.” Time will tell.
Meanwhile, Ripple, the San Francisco-based blockchain company focusing on global payments reports five new customers for its product. Customers will use to send payments over RippleNet, a decentralized global network of banks, payments providers, digital asset exchanges, and corporates.
For more on these and other faster payments developments, visit NEACH’s Pacing Payments website. For a downloadable, one-page summary of this month’s faster payments’ developments, click here.
Attachment:
Faster Payments Legal and Regulatory Work Group Participants Profile
FPLegalRegWG.docx