Faster Payments HQ
Faster payments are the future of payments! Industry stakeholders are working to develop a number of payment rails that allow same-day and instant payments, creating a more efficient and flexible U.S. payments ecosystem.
Consumers and businesses are using faster and instant payments through apps and services like Zelle, PayPal/Venmo, the ACH Network (Same Day ACH or SDA), The Clearing House’s RTP® Network, Visa Direct, or Mastercard Send. Let’s not forget the Federal Reserve’s FedNowTM Service set to launch in 2023. According to a Federal Reserve study, 9 out of 10 businesses surveyed “expect to be able to initiate and receive faster payments by 2023; many are ready to do so now.” Financial institutions of all sizes need to be knowledgeable in faster payment options, especially real-time payments, to best support their customers and members using these payments.
Instant or real-time payments allow financial institutions to offer fund transfers and availability within seconds of payment initiation. Giving people and businesses access to their money faster is an easy sell! In a Faster Payments Council article, John Burgos, Vice President – Business Development North America, Mindgate Solutions, advocates for RTP to give banks the ability to better follow and understand their customers’ spending habits, offer new services, gain a new segment of customers, save on operation costs, and optimize physical and virtual resources.
Faster Payments Professional
Faster payments are here to stay, and with Same Day ACH, RTP®—plus whatever comes next—it’s more important than ever to be prepared.
The Faster Payments Professional (FPP) certificate is a first-of-its-kind program providing professionals with holistic views of faster payments and getting them acquainted with current offerings. Earning this certificate demonstrates your proficiency in the faster payments field. The certificate program will be offered in three (3) separate modules. Each module will include a series of pre-recorded webinars that allows for self-paced study. Once each module is complete, there is a short quiz. Once all modules and quizzes are complete, one final certification exam will be offered. Each module will be sold separately.
Price per Module: $299/member, $598/nonmember
Stay tuned for updates on dates and more!
Module 1: Faster Payments Fundamentals (Release Date: April 1, 2023)
- Platforms and Platform Basics
- Defining Participants and Participant Roles
- Basic Rules and Regulations
Module 2: Faster Payments Functionality (Fall 2023)
- Authorizations and Agreements
- Operational Functions
- Eligibility and Enrollment Requirements
Module 3: Faster Payments Fraud, Risk & Legal (Winter 2023)
- Fraud Review
- Rules Considerations
- Regulatory Risk Management
- Liquidity Management
Review Course & Exam
Faster Payments Professional Certificate (available early 2024)
Join our Faster Payments Committee
When it comes to Faster Payments it's a lot harder than downloading an app. There are many unknowns with this new rail, and you are not alone. This committee will discuss use cases, lessons learned, best practices, risks, and helpful resources for financial institutions and businesses. Before we can educate our account holders, we must understand this new rail as well. Macha will bring in speakers and materials to help, making it a great networking opportunity as well.
Sign up today by emailing email@example.com. Let’s get started!
Articles and Blogs
How We're Involved
Macha President & CEO, Mary Gilmeister, AAP, NCP currently serves on the US Faster Payments Council (FPC) Board Advisory Group.
The FPC is an industry-led membership organization whose vision is a world-class payment system where every person or organization can safely and securely pay anyone, anywhere, at any time, and with near-immediate funds availability.
Faster Payments Videos
To view the entire playlist, click the button in the top right corner.
Same-Day ACH is a faster payment option reaching all banks and credit unions in the United States. It allows for nearly any type of ACH payment to go from initiation to funds being available in a single day.
The RTP® network from The Clearing House is a real-time payments platform that all federally insured U.S. depository institutions are eligible to use for payments innovation.
The FedNowSM Service is a new instant payment service that the Federal Reserve Banks are developing to enable financial institutions of every size, and in every community across the U.S., to provide safe and efficient instant payment services in real time.
U.S. Faster Payments Council
The U.S. Faster Payments Council (FPC) is an industry-led membership organization whose vision is a world-class payment system where every person or organization can safely and securely pay anyone, anywhere, at any time and with near-immediate funds availability.