The Federal Reserve System today announced it has joined the U.S. Faster Payments Council (FPC) as a founding sponsor.
“Our payment system is a vital part of America's infrastructure that touches everyone,” said Esther George, president and chief executive officer, Federal Reserve Bank of Kansas City, and sponsor of the Federal Reserve’s payments improvement initiative. “We can collectively achieve safe, widely available faster payments capabilities that will benefit all by working together with the U.S. Faster Payments Council and other payments stakeholders.”
The FPC and its members seek to facilitate faster payments in the United States, enabling Americans to securely pay anyone, anywhere, at any time with near-immediate funds availability. Its priorities include faster payments education and fraud mitigation.