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U.S. Congressman introduces the PACE Act, proposing to open the Federal Reserve payment channel to qualified companies
Golden Finance reports that on April 22, U.S. Representatives introduced the “PACE Act,” aimed at modernizing the U.S. payment system. The bill proposes allowing qualified companies to directly access the Federal Reserve’s payment rails to reduce payment delays, lower fees, and accelerate transfers for consumers and businesses. The report states that the proposal has received support from fintech and cryptocurrency groups, with the goal of making the payment system faster, cheaper, and more competitive.