WASHINGTON, D.C. – The Financial Technology Association (FTA) applauds Congresswoman Young Kim (CA-40) and Congressman Sam Liccardo (CA-16) for releasing the bipartisan “Payments Access and Consumer Efficiency (PACE) Act” to modernize the U.S. payments system and spur faster, cheaper, and safer payments for American consumers and small businesses.
“We thank Reps. Kim and Liccardo for their leadership on this important effort to upgrade our national payments infrastructure,” said Penny Lee, President and CEO of the Financial Technology Association. “American consumers and small businesses shouldn’t have to wait days for a direct deposit to clear or a vendor check to arrive in the mail. Allowing regulated payment firms access to federal payment rails will enable faster transactions, lower costs, and more seamless experiences on par with other leading economies. We look forward to working with both sponsors as the bill moves forward.”
The PACE Act would enable payment-focused firms to gain direct access to certain Federal Reserve payment rails. The bill represents a significant step forward in payments innovation, incorporating state regulatory requirements with enhanced federal oversight. According to recent polling conducted by the Alliance for Secure and Affordable Payments (ASAP), voters on both sides of the aisle support efforts to modernize payment regulations (76 percent), and a clear majority of digital payment users (58 percent) believe regulated payment companies should be able to access national payment networks directly.
FTA has long advocated for payments modernization to drive competition, lower costs, and speed up payments. To learn more, read Payments Modernization Explained.
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The Financial Technology Association (FTA) is a network of fintech industry leaders shaping the future of finance. We champion financial innovation and advocate for policies that expand competition, access, and opportunity.