WASHINGTON, D.C. — The Alliance for Secure and Accessible Payments (ASAP), a coalition of digital payment companies and Main Street businesses, today welcomed a White House executive order instructing federal agencies to identify and address barriers to digital payment company access to the U.S. financial system. The order directs the Federal Reserve to clarify how nonbank payment companies can qualify for access to federal payment services.

“For years, there has been growing recognition that America’s payments system must evolve to reflect the realities of today’s digital economy,” said John Glennon, spokesperson for ASAP. “Today’s executive order is a significant step toward modernizing the financial system, expanding access to critical payment infrastructure, and increasing competition in ways that can help deliver faster, more affordable payments for consumers and small businesses. Alongside bipartisan efforts like the PACE Act, this action reflects continued momentum behind building a more accessible, competitive, and lower-cost payments ecosystem.”

The executive order arrives as policymakers in Congress continue to examine ways to modernize the payments ecosystem, including through the Payments Access and Consumer Efficiency (PACE) Act, introduced by Representatives Young Kim and Sam Liccardo, which would allow digital payment companies to apply to access payments infrastructure directly. Together, the executive and legislative tracks signal a broadening consensus that modernizing systems to allow more competition can reduce transaction costs, accelerate the movement of money, and improve financial flexibility for businesses and consumers across the country.

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About ASAP

The Alliance for Secure and Accessible Payments is a coalition of digital payment companies, businesses, and advocacy organizations working to promote a more modern, competitive, and accessible payments system for American consumers and businesses.