Finextra, February 18, 2021, US Faster Payments Council sets up work groups
The US Faster Payments Council (FPC), a membership organization devoted to advancing faster payments in the United States, today announced it has launched two new FPC Work Groups: Financial Inclusion and Real-Time Recurring.
The Financial Inclusion Work Group will create a blueprint for leveraging faster payments to accelerate access to the financial system for unbanked and underserved Americans. The group will examine the current state of issues, concerns, and needs of unbanked and underserved consumers and small businesses, in order to develop and inform the industry on a holistic approach to better serve this segment of the economy.
“Faster payments stand to offer people the ability to manage their money, track their balances, and make payments like rent and utilities in real time,” said Adam Rust, senior policy advisor at National Community Reinvestment Coalition. “This capability is essential for those households living paycheck to paycheck who need to make payments immediately to avoid fees and other penalties later. But faster is not always better, so we need to get strong consumer protections in place to prevent fraud, loss, and abusive practices.”
