Federal Reserve Payment Systems May Get Expanded Access from Bill

On April 23, 2026, Rep. Young Kim (R-CA) and Rep. Sam Liccardo (D-CA) introduced a bill in the House of Representatives entitled the Payments Access and Consumer Efficiency (PACE) Act. The bill seeks to modernize the payment system by allowing qualified nonbank financial companies, including certain FinTech and digital asset businesses, to directly access Federal Reserve payment infrastructure, including the Fedwire Funds Service, FedNow Service, and FedACH Services.

To be eligible to participate, a company must hold a state banking or credit union charter, or it must hold at least 40 active money transmitter licenses issued under state law. The bill establishes an optional federal regulatory framework, overseen by the Office of the Comptroller of the Currency, where participating companies must meet prescribed standards for risk management, consumer protection, and operational integrity. It also requires firms to fully back customer funds (1:1 reserves), keep those funds separate from company assets, and prioritize consumers if the company fails.

A press release issued by Reps. Kim and Liccardo notes that the bill will “help Americans send and receive money faster and with fewer fees by modernizing how payment companies access payment rails.” It also includes supportive statements from several prominent blockchain and digital asset trade groups.

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