July 2, 2025
“Without Congressional Action…The U.S. Risks Falling Further Behind Global Competitors in Financial Innovation”
IN CASE YOU MISSED IT – On June 26, top lawmakers, consumers and business leaders across the U.S. convened and expressed a similar concern at Financial Technology Association’s (FTA) CEO Summit: that without congressional action, America risks falling further behind other peer nations – and potential adversaries – in the digital payment space.
Both the U.S. House Financial Services Committee Chairman French Hill (R-Ark.) and business leaders in financial technology pointed to reform needed in the digital payment space so America can lead in increasing speed, improving security, and lowering costs for consumers and businesses.
Improving America’s Ability to Compete Globally Through Modernization
One of Congress’s top lawmakers recognizes the need for digital payments reform to improve our nation’s ability to compete globally and lead in financial technology innovation.
In Axios’ coverage of the FTA summit, reporter Ryan Lawler wrote, “Policymakers and regulators acknowledge the urgency. Rep. French Hill (R-Ark.), chair of the House Financial Services Committee, said modernizing payment rails is crucial for American competitiveness.”
“We still have analog systems that knit our payment system together and I think we should be spending just as much time in infrastructure going truly real-time, not [an] analog system. I think it will make the payment system more efficient, broader, more competitive.” – U.S. House Financial Services Committee Chairman French Hill (R-Ark.), FTA Summit, June 26, 2025
America currently trails behind the European Union, China and others in the use of digital payments.
Axios’ Lawler added that, “Without congressional action on stablecoins and payment rail modernization, the U.S. risks falling further behind global competitors in financial innovation, which harms consumers and businesses alike.”
To modernize our payment infrastructure, Congress must open up the payment networks to drive innovation and make America a competitive leader in the global financial market.
Growing Consensus Among Innovative Business Leaders for Payments Modernization
Business leaders in financial technology agreed. At the FTA Summit, Axios’ Lawler also reported Remitly CEO Matt Oppenheimer’s comments on how the U.S. payment system is “significantly outdated compared to the rest of the world.”
“The ACH system and bank-to-bank transfers in the U.S. are significantly outdated compared to the rest of the world,” Oppenheimer said.
Revolut CEO Sid Jajodia also noted that several countries have set up their own instant payment methods – and that these countries are ahead of the U.S. when it comes to infrastructure.
“I think the U.S. is far behind in terms of infrastructure…You look at UPI in India, PIX in Brazil, iDEAL in the Netherlands — every country is coming up with instant payment methods,” said Jajodia.
Modernizing digital payments through increasing access to payment networks will encourage competition and foster innovation. This will give consumers and small businesses more choices, leading to fewer fees and lower payment costs to support the American economy, as well as allowing the U.S. to be a leader in financial technology, payments and banking.
ASAP Leading the Charge
This is the mission of the newly formed Alliance for Secure and Accessible Payments (ASAP): to open up access to federal payment systems through a new payment charter. This will foster greater competition, drive innovation, and strengthen America’s financial leadership.
Just as Chairman Hill and business leaders at the FTA Summit said, it’s time for a faster, more competitive U.S. payment system.
ASAP is committed to working with Congress and elected officials on policy solutions that empower consumers and small businesses with more options to move money faster, securely, easily, and affordably.
You can learn more about ASAP and the push to modernize America’s payment system HERE.
Read the full coverage from Axios on the FTA’s CEO Summit HERE.
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