U.S. Representatives Introduce PACE Act to Modernize Payment and Settlement System

Gate News message, April 21 — U.S. representatives introduced the Payments and Collections Enhancement (PACE) Act, legislation aimed at modernizing the American payment system.

The bill would allow eligible companies to directly access the Federal Reserve's payment infrastructure, reducing transaction delays, lowering fees, and accelerating fund transfers for consumers and businesses.

The proposal has garnered support from the fintech and cryptocurrency communities, with the goal of making payments faster, cheaper, and more competitive.