The U.S. Faster Payments Council (FPC), a membership organization devoted to advancing faster payments in the US, announced the release of an industry resource, Operational Considerations for Sending Instant Payments Guideline.
Produced by the FPC’s Operational Considerations Work Group (OCWG), sponsored by Endava, the resource “provides financial institutions with best practices and detailed guidance for successfully implementing instant payments sending capabilities.”
Miriam Sheril, Head of Product – US at Form3 and Chair of the FPC Operational Considerations Work Group, said they have produced practical deliverables, focusing on helping banks send payments and moving the industry forward.
The guideline covers a range of operational factors financial institutions must address when “enabling send-side functionality, including liquidity management, user experience and interface design, real-time reconciliation, fraud mitigation, compliance requirements, and exception processing.”
The guideline also addresses “business continuity, staffing and training considerations, and the role of accountholder education and disclosures in ensuring success.”
In addition to operational details, the guideline highlights “interoperability and routing considerations for financial institutions using both the RTP® network and the FedNow Service, outlining strategies for managing liquidity, ensuring uptime, and developing fallback options when real-time networks are unavailable.”
Reed Luhtanen, FPC Executive Director and CEO, said they continue to provide resources for instant payments.
“This new resource provides the industry with actionable insights that will help accelerate adoption and ensure instant payments are implemented in a way that prioritizes security, resiliency, and accountholder trust.”
The FPC encourages a “range of perspectives and is open to all stakeholders in the U.S. payment system.”
