SUBSCRIBE TO OUR BLOG

Section Menu

Input needed on faster payments infrastructure

posted by Kevin Christensen on Thursday, June 14, 2018 in SHAZAM Blog

Change is all around us and changes to our payment systems are no exception. Everywhere you turn, there are multiple payment options – cash, check, debit card, credit card and now faster payments options such as SHAZAM BOLT$, ApplePay, PayPal, Venmo have also entered the arena. What are the impacts of these many payment platforms?

I served on the Faster Payments Task Force from 2015-2017 and in 2017, I was elected to the Governance Framework Formation Team (GFFT). Much like the ACH network developed in the 1970s, the goal of the GFFT is to design a system that does not discriminate, allows participation by all payment systems and supports interoperability. And we want your input.

The GFFT has drafted a framework that will direct the formation of the faster payments governance organization. Your comments are especially important to the team as we continue to resolve issues, establish the board configuration and develop a sustainable funding structure.

I ask you to take a few minutes to review the report produced by the GFFT found at FedPaymentsImprovement.org and complete the online survey. Your comments that support a system built on independent and universally agreed-upon standards, interoperability and security for all participants are important to the process.

Let your voice be heard.

Please respond by the June 22, 2018 deadline.

Tags

  1. industry trends
  2. interoperability
  3. payments

About the Author

Kevin Christensen Photo

Kevin Christensen’s experience in compliance, data analytics, payments and regulation is drawn upon to lead SHAZAM’s enterprise-wide governance and utilization of information. His insights aid in the development and execution of the company’s strategic goals.

SHAZAM, Inc. and ITS, Inc. provide this blog for general informational purposes only. Our blog may be shared by a direct link wherein the content remains as originally presented and has not been altered. SHAZAM, Inc. and ITS, Inc. assume no responsibility for errors or omissions in the contents on the blog. By using this blog, reader agrees that the information published does not constitute nor is a substitute for legal advice which should only be sought from a qualified, licensed attorney. 

Comments

comments powered by Disqus