NEACH Joins Faster Payments Council as Founding Member and Sponsor
Burlington, MA, March 18, 2019 – The New England Automated Clearing House (NEACH) today announced it has joined the U.S. Faster Payments Council (FPC) as a founding member and sponsor with a goal of advancing faster payments ubiquity by 2020. As an active contributor to the FPC’s formation, NEACH’s participation serves as a continuation of its work in both the Federal Reserve’s Faster and Secure Payments Task Forces.
“Joining the FPC as a founding member and sponsor ensures that our members’ voices and input are reflected at the national level,” states Joe Casali, senior vice president, payments innovation, NEACH. “We are excited to build on the efforts we helped to launch in the Faster Payments and Secure Payments Task Forces.”
As its first action as an FPC member, NEACH will participate in “Quick Win” work groups. The FPC established three initial groups to address pressing needs: Safety and Security, End-User Transparency, and Education and Awareness. The Safety and Security group will work to promote adoption of practices that enhance safety and security for service providers and users of faster payments; End-User Transparency has a goal of fostering service provider strategies, policies, practices and capabilities that give end users transparency into what to expect when making faster payments; and Education and Awareness will work to develop an outreach program that results in better understanding of faster payments and greater confidence among providers and users.
“We’re thrilled to be in at the ground level, helping to shape the future of faster payments in the U.S.,” notes Casali. “NEACH’s focus remains on ways to develop faster, more secure, and more robust data with payments, including through the modernization of existing channels. Through our engagement in this dialogue, we will influence the planning and evolution of our national faster payments strategy.”
Debuting in November 2018, the FPC is the result of the work of the Federal Reserve and the industry to develop a safe, ubiquitous, faster payments system. This work initially began in 2015 with the launch of the Federal Reserve’s Strategies for Improving the U.S. Payment System. For more information on the FPC, visit fasterpaymentscouncil.org.
The New England Automated Clearing House (NEACH) is a non-profit association that helps members originate and receive ACH transactions, and provide products, services, education, and marketing to increase the acceptance, use and quality of electronic transactions. For more information, visit neach.org.
Meagan Norlund, 781-321-1011