Beyond the functional requirements of Faster Payments, there are legal requirements to fairly and equitably allocate the risks among the various parties. Having quality agreements (Rules) in place prior to the development of disputes between parties can minimize and hasten resolution and avoid more expensive alternatives. Developing those rules through transparent, consensus processes requires different skills than developing functioning payments.
ECCHO demonstrated some of its consensus building capabilities while chairing the Faster Payments Legal Work Group. ECCHO also demonstrated its abilities during the passage of Check 21 and continues to do so in support of its broad membership base and comprehensive constellation of participants/supporters.

Effectiveness Criteria addressed:
• L.1 Legal framework
• L.2 Payment system rules
• L.3 Consumer protections
• L.4 Data privacy
• L.5 Intellectual property
• G.1 Effective governance
• G.2 Inclusive governance

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