In the opening presentation of the Financial Technology Association CEO Summit 2025, U.S. House Financial Services Committee Chair French Hill (R-AR) shared his vision for upgrading America's payments infrastructure. His remarks highlighted several key initiatives that stand to reshape how businesses move money, starting with America.
Interviewed on stage by Penny Lee, President and CEO of the FTA, during the recent FTA CEO Summit 2025, Rep. Hill stressed the need for U.S. payments modernization, especially in banking, saying current infrastructure is behind many global competitors.
Much of the talk focused on open banking initiatives and their potential to transform various aspects of payments, with an eye on the risky data aspects. Hill emphasized that consumers should maintain control over their financial data, as well as the ability to permission data to third parties to fuel the creation of innovative payment methods.
"We need a nationwide privacy standard," Hill said, adding, “I'll use the famous word that makes people grumpy, but that preempts state law on privacy so that we have a universal privacy standard in the country.” Federal law overruling state law is a known thorny issue.
Still, Hill’s remarks underscore the fact that fragmented state-by-state approaches can and do create inefficiencies and barriers to innovation. He suggested that private sector standard-setting bodies could play a crucial role in driving open banking innovation, with appropriate government oversight.
“If you want to go fully digital, fully peer to peer, Blockchain or not, you need robust foundational standards before you can build up from there,” he said, adding, “As payment systems become increasingly digital, protecting sensitive financial data becomes paramount for maintaining trust in the system.”
Business Payments and Global Competitiveness
Hill emphasized that American leadership in payment innovation is essential for maintaining global competitiveness. He suggested that a balanced regulatory approach could position the U.S. as a leader in payment technology while ensuring appropriate consumer protections. Yet, he reiterated the need to quicken the pace of modernization.
Lee asked Hill how payments can be made “more efficient, more effective, and faster.” His reply singled out legacy lag: “We still have analog systems that weave our payment systems together. We should be spending just as much time on infrastructure and going truly real-time,” he said. Outdated core banking infrastructure and Web 2.0 software are emerging as key culprits in slowing down digital transformation in this sector.
The talk revealed consensus around the need for payments modernization, calling on both the public and private sectors to embrace more collaborative approaches. As Lee noted in her opening remarks, "FinTech is powering faster, cheaper, and more inclusive financial services," transforming how businesses access capital and manage funds.
For commercial banking and business payment professionals, the developments Hill spoke of signal important downstream shifts in the regulatory landscape. The potential passage of comprehensive digital asset legislation, combined with open banking initiatives and cross-border payment harmonization efforts, could create new opportunities for innovation while addressing long-standing pain points in the payments ecosystem.
As these initiatives progress, Hill and Lee agreed that businesses should prepare for a more connected, efficient payment landscape enabling faster settlement, greater transparency, and improved data utilization in domestic and cross-border payments.
Given stablecoin enthusiasm, Hill mentioned two complementary pieces of legislation now under consideration: the House's STABLE Act and the Senate's GENIUS Act, both focused on stablecoin. Rather than viewing these as competing proposals, Hill said they address distinct aspects of the same issue and should be passed in coordination.
"We need a market framework for blockchain and financial services, including stablecoins," he said, pointing to the importance of clear regulatory guidelines to foster innovation, while at the same time protecting consumers and businesses.