Department of the Treasury Affirms Need for Opening Access to National Payment Networks

Washington, D.C. — The Alliance for Secure and Accessible Payments (ASAP) issued the following statement on the U.S. Department of the Treasury’s new report on digital asset regulation. The report spotlights the growing consensus among regulators and market participants that non-bank payment firms should have a clearer path to participate in the nation’s payment systems.

“This report correctly identifies the urgent need to modernize America’s outdated payment system by opening access to non-bank payment firms, including through a new payments charter,” said Leigh Claffey Brown, spokesperson for the Alliance for Secure and Accessible Payments (ASAP). “Opening up access to the Federal Reserve’s payment systems is a common-sense solution that would promote competition, drive innovation, and ensure America doesn’t fall behind other global financial leaders.

“Congress should act now to permit regulated payment firms to access national payment networks. It’s time for more transparency and competition in the payments space. By doing so, lawmakers can help lower costs for consumers and small businesses, accelerate transaction settlement times, and restore American leadership in financial innovation.” 

About ASAP

The Alliance for Secure and Accessible Payments (ASAP) promotes policy solutions that empower consumers and small businesses with more options to move money faster, securely, easily, and affordably.