The 27-member Governance Framework Formation Team (GFFT) has spent eight months working on the draft for the new council’s framework and has now released it into the wild, inviting others to provide feedback over the next 60 days.
The development is the latest landmark in a process that has seen the Federal Reserve spend several years inching America along a journey towards a faster payments system fit for the 21st century.
In 2015, the Fed put together a Faster Payments task force of more than 300 industry stakeholders, charging it with coming up with recommendations on the best way to achieve this. That task force reported back last July, offering the establishment of the framework as its leading directive.
With a host of new payments systems either recently arrived or in the pipeline, the council will work to drive interoperability, as well push for ubiquity and a high-quality user experience. In addition, the framework highlights openness and inclusiveness, flexibility and fairness and transparency.