WASHINGTON, D.C. – The Financial Technology Association (FTA) today submitted a letter in response to the Federal Reserve Board’s request for comment on payments innovation and the potential of a U.S. central bank digital currency (CBDC) or “digital dollar.” 

As the Federal Reserve Board considers CBDC, the FTA urged it to simultaneously advance other innovations in the payments space, such as implementing FedNow and providing broader access to Federal Reserve services. Policymakers should also leverage financial technology companies’ capabilities, reach, and technological expertise to best achieve broader public policy objectives.

“Financial technology is leading consumer-centric payment innovation, driving price transparency and lower costs, and expanding access,” said Penny Lee, Chief Executive Officer of the Financial Technology Association. “It is prudent to explore the potential of further payments innovation to propel financial services transformation and increase greater adoption.” 

In its letter, the FTA urged regulators to keep three principles in mind as it explores CBDC: 1) engage in robust real-world testing and standards development that includes a representative group of stakeholders, including consumer groups and fintechs, 2) ensure interoperability with existing payments options to promote consumer choice, and 3) distribute a potential digital dollar through private sector intermediaries, including regulated fintechs with experience leveraging cutting-edge technologies. 

The FTA also strongly supports the Board in its ongoing implementation of the 24/7 real-time payment and settlement service called FedNow. This faster payments rail can help tackle slow and costly payments experienced by financial institutions and their end-users. 

Finally, the FTA calls for broader access to Federal Reserve services. Providing fintech companies, including those with federal or state banking charters, access to the federal payments infrastructure would substantially lower costs for fintech companies offering payments services, ultimately benefiting consumers through lower-cost products. 

Read the FTA’s full comment letter here.



The Financial Technology Association (FTA) champions the transformative role of financial technology for American consumers, businesses, and the economy. Representing industry leaders, FTA elevates fintech’s power to increase competition and drive financial innovation through responsible products and services. As our members’ voice in Washington, FTA advocates for the modernization of regulation to support greater access to financial services.