April 24, 2018 โ€“ Under leadership of the Federal Reserve, an industry group today called for public input on a draft proposal for a new payments governance organization that aims to facilitate faster payments in the United States. FIN is a member of the Fed’s formation team that developed today’s draft.

The following statement is attributed to Brian Peters, Executive Director of Financial Innovation Now:

“For the American family trying to pay bills on time, or the entrepreneur trying to purchase inventory, it should be a given that payments happen in real-time, especially in our increasingly digital economy. If industry is to achieve real-time payments on its own, it will require a modern payments governance organization, one with equal representation of all affected stakeholders and a meaningful capacity for governance. FIN is hopeful that many non-bank innovators engage the Fed’s comment process to push for an inclusive organization. FIN commends the Fed’s leadership and looks forward to ongoing collaboration through the GFFT process.”

Stakeholders can review the draft governance proposal and submit feedback via an online survey now through June 22 at FedPaymentsImprovement.org.


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