FTA Urges Federal Reserve to Modernize Cross-Border Payments Through Reg J Amendments
WASHINGTON, D.C. – The Financial Technology Association (FTA) submitted comments to the Federal Reserve Board of Governors on its proposed amendments to Regulation J, which would expand the FedNow Service to support cross-border money movement by allowing non-Reserve Bank intermediaries to participate in the transaction chain.
FTA strongly supports the proposal as a meaningful step toward real-time, cross-border payments and urged the Board to consider several modifications to maximize its impact. More broadly, FTA urged the Federal Reserve to take a holistic approach to payments system modernization and cross-border innovation, including by expanding direct payment system access.
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.
FTA Urges Federal Reserve to Modernize Cross-Border Payments Through Reg J Amendments
WASHINGTON, D.C. – The Financial Technology Association (FTA) submitted comments to the Federal Reserve Board of Governors on its proposed amendments to Regulation J, which would expand the FedNow Service to support cross-border money movement by allowing non-Reserve Bank intermediaries to participate in the transaction chain.
FTA strongly supports the proposal as a meaningful step toward real-time, cross-border payments and urged the Board to consider several modifications to maximize its impact. More broadly, FTA urged the Federal Reserve to take a holistic approach to payments system modernization and cross-border innovation, including by expanding direct payment system access.
Read FTA’s full comment letter here.
ABOUT US
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.