The recently launched US Faster Payments Council (FPC) today announced its founding sponsors.
These sponsor-level organizations have signaled their deep commitment to promoting broad faster payments adoption and ubiquity in the United States, and their determination to get the FPC’s work off to a strong start.
“The FPC’s founding sponsors are truly committed to sharing their expertise and resources as we collectively work to accelerate widespread U.S. adoption of faster payments,” said Kevin Christensen, FPC acting executive director and interim board chair, and a senior executive with the SHAZAM Network. “We’re taking a private-sector approach to solve problems and drive ubiquity of U.S. faster payments, including end-user and provider education, security and end-user transparency.”
The FPC’s founding sponsors include the following (listed in order of commitment date):
• ICBA Bancard®
• Visa Inc.
• The Bank of New York Mellon
• North American Banking Company
• Open Payment Network
• The Clearing House
• NEACH™ — The New England ACH Association
• JPMorgan Chase & Co.
• Bankers’ Bank
• Corporate One Federal Credit Union
• The Bankers Bank
• Early Warning Services
• Target Corporation
• Goldman Sachs Bank USA
• First Data
• TD Bank
These 20 sponsor organizations are among the more than 140 members that have now joined the FPC. Organizations that qualified as founding sponsors joined the FPC by January 31, 2019 and pledged additional support to seed the work of the new organization. Founding sponsors are eligible to be elected to the initial FPC Board and serve as early influencers on the direction and focus of the FPC’s work efforts.
The FPC continues to seek new members, including financial institutions, payment network operators, technology providers, consumer and business end users, and individuals with a professional interest in improving the payment system. The organization creates safe forums for dialogue among these members, governed by strong antitrust guard rails that support innovation, inform system design and enhance cross-solution risk mitigation. As an independent, solution-agnostic organization, the FPC is in a unique position to work with industry stakeholders and tackle challenges that may be more difficult to address through bilateral cooperation alone.