April 24, 2018 – 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.”