NACHA’s Payments Innovation Alliance released a report with details from its first formal in-person meeting of the Faster Payments Playbook Project Team.
Launched in June 2018, the Faster Payments Playbook Project Team is comprised of nearly 60 volunteers made up of a diverse set of participants including financial institutions, technology providers, associations, networks and businesses.
The meeting, which took place last month during the larger Alliance meeting in Washington, D.C., served as an opportunity for the team to provide reports on their work. The Faster Payments Playbook will give tools for financial institutions and business end users that will enable them to have a better understanding on faster payments.
With “audience,” “purpose” and “actionable” as foundations of the Playbook, the team decided on key topic areas for inclusion, including faster payments opportunities, business strategy, risk mitigation and compliance and internal impacts. In addition, the team determined that the next version of the resource could be broken into two separate components: the first will describe the faster payments environment, while the second addresses the specific attributes and opportunities of faster payments.
“We are encouraged by the progress the Faster Payments Playbook Project Team has made since our launch in late June,” NACHA Government and Industry Relations Senior Director and Group Manager Bill Sullivan said in a press release. “Our goal is to be thoughtful and inclusive as we look to build resources that can serve the entire financial services ecosystem. We will continue to move quickly to deliver the faster payments resources that will propel the payments industry forward.”
The Team will meet in person again next month at NACHA’s offices in Herndon, Va., to move into the next phase of development. It is anticipated that a draft of the refined introductory resource and table of contents for the Faster Payments Playbook will be completed by the end of the year.