Good to see you – Faster Payments Council 2024 Spring Member Meeting

Mike Packer, Senior Relationship Manager – North America, Iliad Solutions provides an update from the Faster Payments Council’s most recent gathering.

This Faster Payments Council (FPC) event, spread over two days, was a great opportunity to network and engage with a wide range of participants (financial institutions, network operators, consultants, technology providers and several large-scale merchants) and hear their views and insights into real-time payments and the current status for the US market.

The meeting was held in Orlando Florida, home of Disney and their iconic slogan, “Where Dreams Come True”.  The irony of that slogan was not lost on me.  Less than 10 years ago, Real-Time Payments in the US was nothing more than a dream. Today, that dream is a reality. Multiple rails (TCH-RTP, and FedNow) are live, we continue to see increasing adoption and strong growth in real-time volumes, and – in parallel, there is a proliferation of activity (SWIFT updates, Fedwire updates, Cross-Border initiatives) which continues to drive adoption and expansion of ISO20022 standards. Much is changing and quickly. What a great opportunity this was to hear the latest developments from industry experts.

The USFPC facilitates a number of working groups which focus on driving conversations, content and deliverables relating to varying aspects of real-time payments in the US – including barriers or challenges plaguing adoption including use cases, operational impacts and considerations, directory models, digital assets/CBDC, fraud, cross-border, real-time recurring payments and more. Most of the presentation themes and panel discussions focused on these topics. I particularly enjoyed the panel discussions which focused on fraud-related issues:

• Challenges around data and information sharing,
• Strategies for mitigating fraud during the process.

I took full advantage to learn from the sessions provided and of course the opportunity to network with those in attendance. It was great to see so many new faces and outline how Iliad’s payments testing solutions are supporting financial organizations large and small around the globe, helping them to seamlessly integrate the latest banking technology.

If I missed speaking with you at the meeting, please do get in touch. It would be great to compare notes on the host of hot topics debated.

The wider Iliad team, based in Europe, are additionally attending NextGen Nordics (April 23), our exclusive event with new partner Enqura (May 21), and FinTech North (May 22). To find out more please contact info@iliad-solutions.com or +44 (0) 113 243 0004.

For inquiries from the US please contact me on Mobile: +1.912.536.6467 or Email: mike.packer@iliad-solutions.com