Adam Rust will represent the interest of consumers in the next step of the development of a governance framework for “faster payments” in the United States. In addition to the two consumer representatives, the Governance Framework Formation Team is made up of 27 leaders from banks, regulators, fintech companies, payments processors, and trade associations.
With the needed expertise and broad representation in place, the formation team has set to work in pursuit of the following objectives:
- Developing an initial faster payments governance framework that incorporates public commentary; and
- Establishing the framework and membership.
The formation team will initially focus on the structure, decision-making, and processes of a governance framework, and is committed to keeping industry stakeholders abreast of progress by seeking comment on its recommendations in the spring of next year. The GFFT will stand until fall 2018.