RFA State of Play – Payments

The pace of change in payments is increasing exponentially due to rapid technological advancement. In less than a decade, many of the questions posed by the Federal Reserve’s 2013 public consultation on improving the U.S. payment systems have been answered or have become moot. The 2010s and 2020s have birthed entire new categories of innovative payment methods, like the concept of a Central Bank Digital Currency (CBDC) and stablecoins – both of which have the potential to transform how the U.S. payments system operates. Congress and the regulatory agencies are trying to keep up, as they attempt to adapt existing laws and regulations to the evolving digital landscape, address growing consumer banking needs, and increase access to financial services.