WASHINGTON, D.C. – The Financial Technology Association, a trade group representing fintech industry leaders, today issued a statement following Treasury Under Secretary for Domestic Finance Nellie Liang’s speech at the Federal Reserve Bank of Chicago’s Payments Symposium on modernizing the regulatory framework for domestic payments.
“We are pleased to see an acknowledgment of the benefits of payment companies to consumers, small businesses, and entrepreneurs in today’s Treasury announcement,” said Penny Lee, President and CEO of the Financial Technology Association. “More than 82% of Americans use digital payments, and strong majorities (71%) are comfortable moving to a nearly cashless society. Yet leading payment companies still lack access to the Federal Reserve’s payment rails, a missed opportunity to speed up payments and save people valuable time and money. Today’s announcement is a step in the right direction, and we look forward to working with the Treasury Department and Congress to allow for the optionality of accessing FedNow and other Fed services for leading payments companies.”
To learn more about FTA’s vision for the future of finance, including recommendations for payments modernization, read Penny Lee’s column in Forbes, “The U.S. Lags Other Countries on Faster Payments – Why?,” and FTA’s policy agenda.
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The Financial Technology Association (FTA) represents industry leaders shaping the future of finance. We champion the power of technology-centered financial services and advocate for the modernization of financial regulation to support inclusion and responsible innovation.