A coalition of payments industry organizations, banks and one credit union have formed a new organization aimed at helping create a secure payments system with near-immediate funds availability.
The organization, called the U.S. Faster Payments Council (FPC), said in an announcement that it plans to focus on private-sector ways to address obstacles that inhibit the adoption of faster payments. Over the next two years, it plans to identify, develop and support best practices, support adoption of safety and security practices for faster payments, and develop an educational and awareness program about faster payments.
NACHA, Early Warning Services, Jack Henry & Associates, Mastercard, Visa, The Clearing House and JPMorgan Chase Bank are some of the FPC’s 22 founding members and sponsors. Columbus, Ohio-based Corporate One Federal Credit Union, which has $3 billion in assets and about 800 members, is also one of those founding members.
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