Arvest Bank announced it has joined the U.S. Faster Payments Council (FPC).
This announcement signals another step in Arvest’s multi-year transformation strategy that includes innovation in emerging and faster payments. This comes on the heels of Arvest’s acceptance into the Federal Reserve’s FedNow Pilot Program, which is being built to allow customers access to payment services 24 hours a day, seven days a week.
“The U.S. Faster Payments Council has brought together a collection of forward-thinking organizations that share the vision of advancing faster payments in the U.S.,” Arvest payments strategy director Tristan Thompson said. “Joining the FPC shows Arvest’s commitment to driving payment innovation and will further enable us to provide even better payment experiences for our customers.
“Giving our customers faster access to their funds or offering additional ways for them to make a secure payment are two examples of how faster payments can benefit our customers.”
The FPC is a singular nonprofit trade association that was a result of the Federal Reserve’s Faster Payments Task Force, which was formed to help make the U.S. payments system faster, more secure and more efficient.
The mission of the FPC is to enable a system in which Americans can safely and securely pay anyone anywhere, at any time and with real-time funds availability. It works to:
Increase awareness of the benefits and opportunities surrounding faster payments.
Drive the faster payments infrastructure towards ubiquity.
Foster a high-quality and secure user experience for all.
FPC membership is open to all stakeholders in the U.S. payment system. That includes financial institutions, payment network operators, technology providers, consumer organizations and business end users. Current members include American Express, Citibank, Consumer Financial Protection Bureau, Microsoft Corporation, National Retail Federation, The Home Depot, Visa and Walmart Inc. among dozens of others.