Ripple exec joins U.S. Faster Payments Council Working Group tasked to improve cross-border payments

by | May 21, 2020

The Faster Payments Council (FPC) is an industry-led membership organization whose mission is to facilitate a world-class payment system where every person or organization can safely and securely pay anyone, anywhere, at any time and with near-immediate funds availability.

The FPC’s structure, operations and activities adhere to fundamental principles:
– Inclusiveness and Fairness
– Flexibility and Responsiveness
– Transparency

Craig DeWit joins U.S. Faster Payments Council Working Group

Craig DeWitt, Ripple’s Director of Product, has announced that he has joined the U.S. Faster Payments Council Cross Border Working Group, representing Ripple, with some “heavy hitters” on the team. But who are they?

Why join the FPC?

FPC membership provides members with an opportunity to shape the future of faster payments and gain an edge in navigating the evolving faster payments landscape. Members have access to the latest faster payments research, news and information, implementation support, and education and resources to fulfill their faster payments objectives. Members can also use the FPC to participate in Work Groups and committees to ensure their organizational needs and perspectives are considered, as well as to develop relationships with industry peers, potential partners, and customers.

Various Works Groups exist within the FPC, such as Education & Awareness, Fraud Information Sharing, Regulatory, Directory Models, Cross Border Payments, and QR Code Interface.

Cross Border Payments Work Group

Mr. DeWitt has joined the Cross Border Payments Work Group, a group that engages organizations currently working on cross border payments and gathers information on what is needed to align the operating policies and requirements of the currently disparate local faster payments systems.

The group was formed in March 2020 and some of the members include: Ron Holland (Fexco), Judy Nguyen (American Express), Rod Reef (Reef Karson Consulting), Matt Friend (Visa), Nick Catino (Transferwise), Laura McGortey (BNYMellon), Connie Theien (Federal Reserve System), Kelvin Leung (MasterCard).

Mission & Scope:
Engage FPC member organizations currently working on cross border payments and gather information/input on what is needed to align the operating policies/regulations and requirements of the currently disparate local faster payment systems such that the long-term goal of cross border interoperability may be achieved.

Objectives & Goals:
Identify what the industry needs to do in the cross-border space to create the environment necessary for faster cross-border payments. This can be done by first identifying other working groups and global governing bodies that can be leveraged for input and action. Identify the actions which can be undertaken by the group to promote the benefits of
interoperability and to drive forward the requisite changes.

Deliverables & Timeframes:
1) Consider looking at outbound payments from the U.S. to other countries and assessing what obstacles would need to be overcome to allow inbound payments to the U.S. Additionally, consider analyzing what settlement types and data elements would need to be included in such transactions.
2) Based on the Federal Reserve’s reports and webinars on global ACH, summarize key findings from the Federal Reserve’s research and evaluate the experiences. For instance, understand how global ACH is growing. What are the challenges? These findings could help provide a framework to then look at cross border payments more broadly.

FPC members (April 24, 2020):

ABTC Corp.
Accredited Standards Committee X9
ACI Worldwide
Aite Group
Alabama Banker’s Association
Alloya Corporate FCU
Alston & Bird LLP
American Banker’s Association
American Express
Aptys Solutions, LLC
Ascert, LLC
Association for Financial Professionals
ATM Industry Association
Avenue B Consulting
Banker’s Bank (Madison)
Bankers’ Bank of the West
Barclays Bank Delaware
Bayer Heritage Federal Credit Union
Better Buy Design
BHMI dba Baldwin ackett & Meeks Inc.
Blueflame Consulting
BMA Management Support Corporation
BMO Harris
BNY Mellon
Bottomline Technologies
Bridge Community Bank
Brown, Owen
Catalyst Corporate Federal Credit Union
CDT Technologies, a Texas Corp (Ventanex)
Center for Responsible Lending
Ceridian HCM
CFM Communications LLC
Citizens Bank & Trust
CNB Bank & Trust
Commerce Bank
Community Bankers Association of Georgia
Community Bankers Association of Illinois
Community Bankers Association of Ohio
Community Bankers Association of Oklahoma
Community Bankers of Michigan
Community Bankers of Washington
Corporate Central Credit Union
Corporate One
Cross River Bank
Debit Network
Digital Check Corp.
Discover Financial Services
Dow Chemical Employees’ Credit Union
Early Warning Services LLC
Electronic Transaction Association
Englebrardt, Leland S
ExcheQ, LLC
Federal Reserve Bank of Chicago
Fexco Marketing North America
First Commonwealth Bank
First National Bankers Bank
Fiserv (First Data Processing, Inc.)
Food Marketing Institute
Future Proof Digital
Glenbrook Partners, LLC
Goldman Sachs
Heartland Bank
ICBA – Independent Community Bankers of America
ICBA Bancard
Icon Solutions
ICUL Service Coproration
Iliad Solutions
Independent Bank of South Carolina
Independent Community Bankers of Minnesota
Independent Community Bankers of South Dakota
Iowa Bankers Association
Iowa Independent Bankers
Jack Henry
James Polk Stone Community Bank
JPMorgan Chase
Juniper Payments
Liberty Bank
Lipis Advisors
Mastercard International
Merchant Advisory Group
Mid-Atlantic Clearing House Association
Midwest Independent Bank
Mindgate Solutions Inc.
Missouri Independent Bankers Association
National Association of Convenience Stores
National Consumer Law Center
National Retail Federation (NRF)
Navigant Consulting Inc. / Guidehouse
Navy Federal Credit Union
Netflix, Inc.
Network Branded Prepaid Card Association
North American Banking Company
North Salem State Bank
Open Payment Network, Inc.
Pacific Coast Banker’s Bank
Padrona Payments Advisory Group, LLC
PayGility Advisors LLC
PaymentsFirst Inc.
Payrailz, LLC
Pennsylvania Bankers Association
PeopleFirst Bank
Ptap Advisory
Qcheque, Inc.
Randolph Brooks FCU
Reef Karson Consulting, LLC
Reinvestment Partners
Retail Industry Leaders Association
Ripple Labs
Secure Payment Systems
Shore United Bank
SnapCheck, Inc.
Southern Financial Exchange
Target Corporation
TD Bank, N.A.
The Bankers Bank – OK
The Clearing House Payments Company, LLC
The New England ACH Association
TranferWise Inc.
United Nations Federal Credit Union
Upper Midwest ACH Association (UMACHA)
US Bank
US Dataworks
Viewpointe Clearing, Settlement, & Assoc Services
Vments Inc
Volante Technologes Inc.
Volunteer Corporate Federal Credit Union
Wells Fargo
Western Payments Alliance dba WesPay
Wisconsin Automated Clearing House (WACHA)

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