Draft legislation will enable access to faster, more affordable payments for American consumers and businesses 

Washington, D.C. — The Alliance for Secure and Accessible Payments (ASAP), a coalition of innovative fintech firms and Main Street businesses, welcomes the release of the Payments Access and Consumer Efficiency (PACE) Act which will increase competition and spur faster, cheaper payments by creating an optional federal payments charter.

“We applaud Representatives Young Kim and Sam Liccardo for taking steps to modernize our payment system to unlock faster, lower-cost payments for America’s consumers and Main Street businesses,” said John Glennon, a spokesperson for the Alliance for Secure and Accessible Payments (ASAP). “At a time when prices are on the rise, it is critical to expand access to affordable and accessible payment options. The PACE Act reflects the growing, bipartisan recognition that our current payment system must evolve to meet the needs of today’s economy.”

The PACE Act reflects voters’ preferences for faster, cheaper payments. A recent national survey of 1,000 registered voters conducted by Fabrizio Ward found that 83 percent agree it shouldn’t take three business days for a payment to clear — a view held by supermajorities across party lines. Three-quarters of voters support modernizing payment regulations to speed up payments and increase competition, and among digital payment users, 58 percent support allowing regulated firms to access payment networks directly.

Modernizing the U.S. payment system is essential to keep pace with global competitors, reduce costs for everyday transactions, and ensure that the financial system works for all Americans. Providing direct access to federal payment rails to a broader set of regulated payment innovators will stimulate competition, accelerate settlement times, and lower fees, delivering direct benefits to families and small businesses nationwide.

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.

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