Fintechs push bill for Fed payment rail access

Fintechs push bill for Fed payment rail access

House legislation introduced Tuesday would let financial technology firms access Federal Reserve payments rails.

PACE Act Would Open Fed Payment Rails to FinTechs

New proposed federal legislation would give more financial institutions access to federal payment systems. The Payments Access and Consumer Efficiency (PACE) Act, introduced Tuesday (April 21), is designed to modernize the way companies access payment rails, according to U.S. Reps. Young Kim, R-Calif., and Sam Liccardo, D-Calif., who introduced the bill. “Whether it’s splitting a bill, paying rent, or waiting on a paycheck to clear, Am…

Congressman’s PACE Act would plug fintechs directly into Fed rails

A new PACE Act bill would let qualified non‑bank payment firms tap Fed rails directly, cutting fees and delays while dovetailing with the GENIUS Act’s stablecoin regime. A U.S. Congressman has proposed the PACE Act, a bill that would give…