Modernizing Payments to Spur Faster, Cheaper Money Movement by Financial Technology Association

In advanced economies worldwide, people move money as easily as sending a text. But in the US, most payment-focused firms lack direct access to Federal Reserve rails, forcing them to route transactions through intermediaries that add cost, complexity, and delay. Congress should establish a clear statutory pathway to Fed access for well-regulated payment firms, including by advancing the Payments Access and Consumer Efficiency (PACE) Act. This panel examines the policy case for payments modernization, the framework for direct access, and what it means for how Americans send and receive money. • Moderator: Angelena Bradfield, Head of Policy, Financial Technology Association • Sarah Paul, Head of Policy and Regulatory Affairs, Americas, Remitly • Jonah Crane, Head of Global Regulatory and Policy Strategy, Stripe • Jeff Sadosky, Head of U.S. Government and Public Affairs, Shopify • Alissa Kratsios, Head of Global Policy, Ramp