ASAP: HFSC Hearing on Future of Payments Shows Strong Momentum for PACE Act WASHINGTON, D.C. — Alliance for Secure and Accessible Payments spokesperson John Glennon issued the following statement after today’s House Financial Services Committee hearing on the future of payments:

“Today’s hearing demonstrates strong momentum for the bipartisan PACE Act and makes clear why Congress must act to modernize America’s outdated payments system.”

“Witnesses testified that the current framework has not kept pace with how money moves today, leaving consumers and businesses with a system that is slower, more expensive, and less competitive than it should be. The PACE Act would help solve that problem by creating a clear, risk-based pathway for qualified, regulated payment firms to access federal payment infrastructure under appropriate oversight.”

“By modernizing our regulatory framework, the PACE Act would help make payments faster and more affordable for consumers and small businesses, strengthen competition, and ensure the United States does not continue falling behind other G7 countries that already safely allow nonbank payment providers to directly access their payment systems.”

“Today’s hearing also comes as voters and local business owners across the country are urging Congress to pass the PACE Act. In a petition released this week, more than 8,000 advocates from across the political spectrum called on lawmakers to modernize the nation’s payments system and support faster, more affordable payments for American families and small businesses.”

“Congress has a clear opportunity to bring America’s payments system into the modern economy, and today’s hearing showed why the time to act is now.”

Watch the full hearing here to learn more: LINK

Read more about the petition: LINK

Sign the petition: LINK