FIS joins Fed faster payments task force

Source: FIS

FIS (FIS), a global leader in banking and payments technology as well as consulting and outsourcing solutions, is one of 19 organizations selected to serve on the Steering Committee of the Fed’s new Faster Payments Task Force.

Representatives were selected by members of the task force and the Federal Reserve’s Task Force Chair.

The Federal Reserve formed this task force to advance the U.S. payments infrastructure, which lags behind payments infrastructures in other parts of the world - particularly countries in Europe and Asia - where the ability to move money instantly already exists.

“Faster payments capabilities must be ubiquitous for all market participants in the United States,” said Nancy Langer, chief product officer, FIS. “FIS’ role as a leader in global money movement makes us a strong contributor to the Fed’s task force.”

The world’s largest provider of core processing, card issuer and transaction processing to financial institutions, FIS will be represented on the Task Force Steering Committee - the group’s leadership segment - by Peter Gordon, senior vice president of Payment Strategy, Enterprise Product Organization, FIS.

Gordon led the creation of FIS’ PayNet solution, the first real-time faster payments network in the United States. He was elected for his broad expertise in real-time payments, which includes consulting with leading payments innovators and processors, and his current work developing global payment strategy at FIS.

The Faster Payments Task Force is charged with evaluating approaches for implementing real-time payments in the United States. The Steering Committee, which is made up of 19 payments professionals representing financial institutions, consumer groups, merchants, government and FinTech representatives, will lead those efforts. The goal is to identify best approaches to real-time payments by December 2016.

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