Working Group Agenda Backs Level Playing Field for Payments

Washington, D.C. — The Alliance for Secure and Accessible Payments (ASAP) issued the following statement on the release of the New Democrat Coalition Innovation & Technology Working Group’s Innovation Agenda to Unleash American Potential and Lead the 21st Century, led by Rep. Sam Liccardo (CA-16). The plan calls for greater regulatory uniformity for financial technology services that handle payments, including support for a charter to address delays, costs, and vulnerabilities in the current system.

“It’s great to see the New Democrat Coalition backing a payments charter that would open up federal payment rails to non-bank payment companies in their policy agenda,” said Leigh Claffey Brown, spokesperson for the Alliance for Secure and Accessible Payments (ASAP). “This adds to the growing, bipartisan push in Congress to modernize our outdated payment systems—giving consumers and small businesses more options, speeding up payments, and driving down fees. ASAP is ready to work with our champions on both sides of the aisle in Congress to make it happen.”

Under its digital assets and financial technology policy priorities, the working group identified the need for a payments charter to promote smart regulation and open markets.

“Provide regulatory uniformity and clarity for fintech services, such as through a federal charter, that enable reductions in speed, delay, and vulnerability, but with appropriate and robust oversight, consumer protection, and risk management requirements.”

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.