March 6, 2019 (Pleasant Grove, Utah) – Open Payment Network (OPN), the creator of next generation real-time payment systems for bankers' banks and community financial institutions, today announced it has become a founding sponsor of the US Faster Payments Council (FPC). Founding sponsor-level organizations have signaled their deep commitment to promoting broad faster payments adoption and ubiquity in the United States.
"The FPC's founding sponsors are truly committed to sharing their expertise and resources as we collectively work to accelerate widespread U.S. adoption of faster payments," said Kevin Christensen, FPC acting executive director and interim board chair, and a senior executive with the SHAZAM Network. "We're taking a private-sector approach to solve problems and drive ubiquity of U.S. faster payments, including end-user and provider education, security and end-user transparency."
The 20 founding sponsor organizations are among more than 140 members that have joined the FPC. Organizations that qualified as founding sponsors joined the FPC by January 31, 2019 and pledged additional support to seed the work of the new organization. For a list of sponsoring organizations, visit https://fasterpaymentscouncil.org/news-and-events/
"We began working on the faster payments initiative with the Federal Reserve and a host of other financial industry leaders two years ago as part of the Faster Payments Task Force," said OPN Founder and CEO and FPC Interim Board Member Bradley Wilkes. "Now that that work is complete and the Faster Payments Council is up and running, OPN is committed to continuing to support the momentum of the organization."
The FPC includes financial institutions, payment network operators, technology providers, consumer and business end users, and individuals with a professional interest in improving the payment system. The organization creates safe forums for dialogue among these members, governed by strong antitrust guard rails that support innovation, inform system design and enhance cross-solution risk mitigation. As an independent, solution-agnostic organization, the FPC is in a unique position to work with industry stakeholders and tackle challenges that may be more difficult to address through bilateral cooperation alone. For information, visit FasterPaymentsCouncil.org.
Open Payment NetworkTM (OPN) is a technology company that provides a next generation real-time payment system to bankers' banks and community financial institutions so they can offer innovative applications to their customers. OPN allows payment value and its associated data to move together in real time for safe, secure, and immediate payments. OPN works by extending conventional payment network functionality without costly modification to a financial institution's core platform while complying with current laws and regulations. Bankers' banks and community financial institutions trust OPN to meet and exceed their customers' expectation for innovative payment applications. For more information, visit www.openpaymentnetwork.us.