The Federal Reserve System has joined the U.S. Faster Payments Council (FPC) as a founding sponsor, the Fed announced in a press release on Thursday (Dec. 5).
“Our payment system is a vital part of America’s infrastructure that touches everyone,” said Esther George, president and chief executive officer of the Federal Reserve Bank of Kansas City. She is also a sponsor of the Federal Reserve’s payments improvement initiative.
The goal of the FPC and its members is to expedite faster payments in the U.S. so people can make secure payments anytime or anyplace, with near-real-time funds availability. The FPC will also provide education about faster payments and fraud mitigation.
“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,” George added.