WASHINGTON, D.C. – The Financial Technology Association (FTA) released a statement on a speech made by Federal Reserve Board Governor Christopher J. Waller at the Federal Reserve Board’s payments innovation conference, exploring the possibility of a narrow “payment account” at the Federal Reserve:
“Governor Waller’s speech is an exciting and important recognition that our nation’s payment infrastructure must keep pace with the evolving financial services landscape,” said Penny Lee, President and CEO of the Financial Technology Association. “While we look forward to working with the Federal Reserve Board on the development of this proposal, we agree that providing well-regulated payment innovators with access to the federal payment infrastructure is important for America’s financial future. It will ensure America continues to be a leader in innovation and help deliver faster, cheaper, and secure payments to consumers and small businesses.”
FTA has advocated for payments modernization to bring America’s financial infrastructure into the 21st century. To learn more, read “Modernizing America’s Payments System to Lower Costs and Increase Competition.”
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The Financial Technology Association (FTA) is a network of fintech leaders shaping the future of finance. We champion the power of technology-driven financial services to catalyze innovation and advocate for modernized policies and regulations that reflect the digital transformation.