The U.S. Faster Payments Council (FPC), a membership organization devoted to advancing safe, easy-to-use faster payments in the United States, launched a new industry resource, the Use Case Repository in its Faster Payments Knowledge Center.
Supported by The Clearing House, the FPC Education & Awareness Work Group (EAWG) “developed the repository and accompanying infographic.”
The robust EAWG Use Case Repository “contains over 130 use cases searchable by use case types including Account to Account (A2A), Business to Business/Government (B2B, B2G), Business to Consumer (B2C), Consumer to Business/Government (C2B, C2G), Government to Business/Consumer (G2B, G2C), and Person to Person (P2P). Once a use case type is selected, users can filter the list by functions and/or industries.”
Some of the use case listings “include links to additional resources as well as more detailed documents only available to FPC members.”
Charles Harkness, SVP/Strategic Operations Officer at Corporate One Federal Credit Union and FPC Education & Awareness Work Group Chair, said:
“We are excited to make this body of work available to the industry. Use cases are a primary topic of discussion for any organization considering adoption of faster payments. The use case library is designed to promote creative new payment solutions by providing examples of how today’s payment technologies can be leveraged to benefit every entity from consumers to businesses across all industries.”
The FPC Education & Awareness Work Group “created the Use Case Repository in response to a growing need for an industry resource that helps identify direct and indirect value for the implementation of faster payments.”
Use cases are “instrumental in driving adoption for organizations to highlight the key value proposition of faster payments for all stakeholders and enable business model transformations.”
Steven Wasserman, Founder of Vments and FPC Education & Awareness Work Group Vice Chair, said:
“The FPC’s Use Case Repository is a dynamic growing collection of ideas and case studies for specific implementations of faster payment use cases to help foster adoption and additional use case ideas that may not have been considered.”
The FPC prioritizes “inclusion of diverse perspectives in tackling complex topics such as interoperability, identifying real-world solutions that can ease adoption of faster payments, managing security risks and fraud threats, addressing barriers to financial inclusion and cross-border payments, and more, as the organization paves the way toward a future of faster payments for all.”
As noted in the update, The FPC is “an industry-led membership organization whose vision is a world-class payment system where Americans can safely and securely pay anyone, anywhere, at any time and with near-immediate funds availability.”
By design, the FPC encourages “a diverse range of perspectives and is open to all stakeholders in the U.S. payment system.” Guided by principles of fairness, inclusiveness, flexibility and transparency, the FPC “uses collaborative, problem-solving approaches to resolve the issues that are inhibiting broad faster payments adoption in this country.”
