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Faster Payments Council to accelerate adoption of digital payments framework

November 15, 2018

The U.S. Faster Payments Council, an organization backed by some of the nation's largest banks, retailers, fintech companies and other payments industry stakeholders, will work with the federal government to modernize the nation's payments system with the goal of enabling the secure transfer of funds with near immediate availability.

According to a press release, the council was created by the Governance Framework Formation Team, a work group established by the Fed's Faster Payments Task Force in 2017.

Founding members of the council include Early Warning Services, JPMorgan Chase, Mastercard, Visa Inc., Walmart, Wells Fargo and more than a dozen other payments players.

Council members will work to resolve challenges holding back the industry from rapid adoption of a faster payments framework.

"The industry has clearly signaled that while our nation's faster payments capabilities are rapidly innovating, there's much to be done to promote ubiquity and faster payments adoption," Douglas Berg, Wells Fargo senior vice president of payment industry relations, said in the release.