The US Faster Payments Council (FPC) has announced that it has published its latest industry resources, namely Operational Considerations for Instant Payments Send-Side Guidelines.
Sponsored by Endava and produced by the FPC’s Operational Considerations Work Group (OCWG), the newly released resource offers financial institutions best practices and guidance for the successful implementation of instant payment sending capabilities.
Updated guidelines: user experience, fraud prevention, and more
According to officials, the OCWG Work Group has provided deliverables that are both substantial and practical. This deliverable centres on supporting banks in preparing to send payments, with advanced information assisted by clear guidelines that simplify how they read and apply for specific purposes. The release comes as a collective effort that facilitates the development of the industry.
The FPC’s new guidelines cover a range of operational factors that financial institutions must address when offering send-side functionalities, including liquidity management, user experience and interface design, real-time reconciliation, fraud prevention, compliance requirements, and exception processing. Additionally, the resources focus on business continuity, staffing and training considerations, and the role of account holder education and disclosures in ensuring success.
Furthermore, besides operational details, the guidelines underline interoperability and routing considerations for financial institutions leveraging the RTP network and the FedNow Service, providing strategies for managing liquidity, ensuring uptime, and developing fallback possibilities when real-time networks are not available.
Representatives from the FPC added that the organisation, which centres its efforts on advancing safe, user-friendly faster payments in the US, aims to continue to produce resources that help financial institutions move from discovery to execution of instant payments. With the release of this new resource, the industry benefits from actionable insights that will accelerate the adoption and ensure that instant payments are implemented securely and with resilience and account holder trust in mind.
