FTA Comment Letter on Treasury RFI Related to EO re: “Modernizing Payments To and From America’s Bank Account”
The Financial Technology Association (FTA) appreciates the opportunity to comment on the Department of the Treasury’s Request for Information (RFI) regarding Executive Order 14247 on “Modernizing Payments To and From America’s Bank Account.”
We commend Treasury for initiating this important review of how the federal government can reduce reliance on paper checks, increase electronic payment options, and enhance the financial well-being of the individuals and families it serves. Indeed, by incorporating digital payment solutions into government disbursement systems, the government can immediately advance financial inclusion, empower often overlooked segments of the population by onboarding them into the digital economy, and enhance overall system resilience and performance. Additionally, by providing digital payment providers direct access to core payments systems, the government can ensure the ongoing modernization and preeminence of our national payments infrastructure.
We appreciate the opportunity to share our perspective on how digital payments and supporting infrastructure can serve the dual goals of modernizing government disbursement systems and improving outcomes for recipients—Americans deserve no less. We support Treasury’s efforts under EO 14247 and offer the following recommendations to accelerate modernization and ensure Americans—including the underserved—benefit from access to secure, digital-first payment tools:
Treasury should explicitly recognize the key and current role that digital payment providers and technologies play in modernizing payments, reducing cost, improving speed, enhancing transparency, and reducing fraud;
Treasury should incorporate digital payment solutions into government disbursement systems in order to immediately broaden access for unbanked and underbanked consumers and small businesses;
Treasury should advance the modernization of underlying payments infrastructure in the U.S. by granting digital payment providers direct access to core payments systems in order to improve the reliability and inclusivity of funds delivery; and
Treasury should launch a comprehensive financial education and digital literacy program to help consumers identify payment solutions and combat fraud.
FTA Comment Letter on Treasury RFI Related to EO re: “Modernizing Payments To and From America’s Bank Account”
The Financial Technology Association (FTA) appreciates the opportunity to comment on the Department of the Treasury’s Request for Information (RFI) regarding Executive Order 14247 on “Modernizing Payments To and From America’s Bank Account.”
We commend Treasury for initiating this important review of how the federal government can reduce reliance on paper checks, increase electronic payment options, and enhance the financial well-being of the individuals and families it serves. Indeed, by incorporating digital payment solutions into government disbursement systems, the government can immediately advance financial inclusion, empower often overlooked segments of the population by onboarding them into the digital economy, and enhance overall system resilience and performance. Additionally, by providing digital payment providers direct access to core payments systems, the government can ensure the ongoing modernization and preeminence of our national payments infrastructure.
We appreciate the opportunity to share our perspective on how digital payments and supporting infrastructure can serve the dual goals of modernizing government disbursement systems and improving outcomes for recipients—Americans deserve no less. We support Treasury’s efforts under EO 14247 and offer the following recommendations to accelerate modernization and ensure Americans—including the underserved—benefit from access to secure, digital-first payment tools:
Read FTA’s full comment letter here.