Eleven payments associations in the US have joined forces to launch the Center for Payments, a programme that will focus on the development of the payment sector.

The associations involved in the initiative are ePayResources, EPCOR, MACHA, NEACH, PaymentsFirst, SHAZAM, Southern Financial Exchange, The Clearing House Payments Authority, UMACHA, WACHA and WesPay.

Under the programme, these entities will work together to develop market intelligence.

The market intelligence will be used to provide actionable data, which participating associations can leverage to drive growth.

Besides, Center for Payments will work with rule-making organisations to inform the direction of changes in the payment industry and develop the participating associations’ employees.

WesPay president and CEO Bill Schoch said: “Participants in US payment systems frequently turn to trusted partners when investing in a new payment network or technology platform.

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“This is a significant role each of the eleven payments associations collaborating on the Center for Payments have provided for more than 40 years.

“By working cooperatively in gathering market intelligence and advancing our teams, the Center for Payments will generate new expertise that will facilitate payment systems modernisation.”

Schoch will serve as the inaugural chair of Center for Payments.

Currently, Center for Payments is assessing faster payments to publish its debut market study. Findings are expected to be released next month.