Increase Speed & Efficiency

Consumers and small businesses often save time by using digital payment platforms to pay bills and transfer money. But these platforms face one major hurdle: restrictive regulations. In the current system, digital platforms cannot directly complete payments for consumers nationwide unless lawmakers enact a new payment charter that opens access to payment networks.

Opening up the payment services system to competition will allow money transfers to happen in milliseconds, not one-to-three business days, lower fees and provide more options for consumers. Less hassle means more time and more savings.

Boost America’s Competitive Edge

America can’t afford to fall any further behind in adopting modern payment technology. We’re already behind many European and Asian countries, including China and India.

U.S. banking laws are based on legislation from the 1800s, and the current U.S. payment system was built for a bygone era of paper checks, not today’s tech-driven world.

Modernizing the payment system will help the U.S. regain global leadership in financial tech, boost competition, lower costs for consumers and small businesses, and drive economic growth.

Reduce Fees & Payment Costs

Opening up access to federal payment systems will result in more digital payment alternatives to traditional, more costly payment methods. Increasing competition will lower costs for Americans.

It will also give consumers and small businesses more options for financial platforms — providing lower costs for consumers and driving economic growth.

Open Up the Payment Bottleneck

Without a charter that opens access for payment innovators, only banks have access to the federal payment system. This concentrates transactions in the hands of fewer players, resulting in less competition, higher costs for consumers, and greater risk to the financial system.

Opening federal payment systems will break the bottleneck on payments, allowing innovators to provide faster, cheaper, and better alternatives.