Payments and Check Imaging Standing Committee

The Payments and Check Imaging Standing Committee involves itself with payments issues, trends, and opportunities in the converging and merging world of payments.  The SCOM focuses on the effects of payment trends such as imaging, conversion to ACH, PayPal virtual debit, Google wallet, etc. with regard to payment infrastructure, interoperability, standards, process, risk, and rules and regulations.

In addition to providing a setting for discussion, this standing committee also produces white papers and other compilations that help FSTC members stay abreast of payment trends and issues.

Recent projects have included Image Quality and Usability Assurance Project, which helped define industry X9 standards for check image quality , and Check Security Features in a Truncated Environment, which assessed the survivability of current and next-generation check security features in an imaged check environment.

Charter and Goals

The Payments and Check Imaging Standing Committee seeks to develop solutions to emerging issues in the electronic payment environment, so that both those in the industry and consumers are secure with the use of new technologies. We aim to:

• Explore topics ranging from developing practical working parameters in a post-Check 21 environment, to being prepared to safely and efficiently process morphed payment products such as ARC, BOC, online virtual debits, etc.
• Develop industry standards for check imaging and usability that continue to provide security features to reduce fraud, identity theft, and liability.
• Create a safe, efficient and interoperable environment for the banking industry to be able to take advantage of payment trends and new technologies

Current Projects

FSTC and its industry partners The Clearing House, The Federal Reserve, ABA, BITS, PaymentsNation, NACHA, and SWIFT are working with the telecommunication industry to develop the technology framework for a secure interoperable process that provides expanded customer service and profit center opportunities in mobile payments. This initiative will play an important role in identifying and documenting the technology that will enable banks to meet growing customer demand for mobile payments. The project has completed phase 1 which identified the current environment and documented use cases.  Phase 2 will focus on the Architecture and Security. FSTC is also focusing on how to work with other industry groups to insure more collaboration.

With the taxonomy created in phase 1, it is now possible to build out the fraud patterns associated with each fraud scheme, product and channel. Although a significant undertaking to do so, the value in having a consistent, comprehensive and industry adopted fraud taxonomy, that provides data down to the individual fraud pattern level, is extremely high.

Projects in Formation

There are currently no Projects in Formation.

Projects under Development

FSTC and its industry partners The Clearing House, The Federal Reserve, ABA, BITS, PaymentsNation, NACHA, SWIFT will take the framework from phase one and the Security requirements and Architecture developed in phase 2 as the basis for a recommended standard and work with the industry partners at designing a workable standard for our industry partners and a working pilot with measurable success criteria. The likely focus of Phase 3 will be on the specific infrastructure enhancements and practices; business rule consistency; and extensions beyond consumer market to B2B.

Projects Recently Completed

There are currently no Projects Recently Completed.

Member Benefits

FSTC's Payments and Check Imaging Standing Committee members are able to pool their knowledge and resources to find solutions to challenges that cut across financial institutions. Service-provider members bring technology expertise, financial institution members share common experiences, and project participants discover solutions that become industry standards. Members save time, money, and effort by working collaboratively to develop practical solutions to problems suggested by Standing Committee members. Plus, project participants get to know their peers at other financial institutions and develop a professional network that lasts beyond the project lifecycle.

If you would like to learn more about the committee's projects or would like to share your expertise, contact FSTC to join the Payments and Check Imaging Standing Committee.

Co-chairs

Pending Updates

FSTC Managing Executives:
Jim Pitts

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