US Faster Payments Council Announces Founding Sponsors

The U.S. Faster Payments Council (FPC), which was launched by the Fed in November, announced on Wednesday (March 6) its 20 founding sponsors, which include a range of players in the payments industry.

In a press release, the FPC said the companies that joined as sponsor-level organizations have signaled their deep commitment to promoting broad faster payments adoption and ubiquity in the United States. It also signifies their determination to get the FPC’s work off to a strong start in the U.S.

“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, who is also 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 20 sponsors include SHAZAM, ICBA Bancard, Visa, The Bank of New York Mellon, North American Banking Company, Open Payment Network and The Clearing House, among many others. JPMorgan Chase, Walmart, Mastercard and Goldman Sachs Bank USA are also included. They are among the more than 140 members that are now a part of the FPC. Those that qualified as founding sponsors had joined prior to the end of January and pledged additional support to further the work of the new organization, the FPC said in the press release.

Founding sponsors are also eligible to be elected to the initial FPC board, and can then serve as early influencers on the direction and focus of the Council’s efforts. In addition to the sponsors, the trade group is also seeking 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.