Fintechs Seek Access to Federal Payment Rails via New House Bill
A new House bill, the Payments Access and Consumer Efficiency (PACE) Act, aims to allow fintechs access to the FedACH and FedNow payment rails, potentially lowering payment costs and improving transaction speed. The bill was introduced by Rep. Young Kim (R-CA) and Rep. Sam Liccardo (D-CA), with no Senate companion legislation yet. The proposal could impact the payments industry and consumer financial services.
Topics: Fed payment rails fintech legislation payments industry regulation