"The Payment Access and Consumer Efficiency (“PACE”) Act, is a bill that would create a pathway for certain nonbank payment providers to directly access Federal Reserve payment systems, including Fedwire, FedNow, and ACH. At the center of the PACE Act is the creation of a new category: “registered covered providers.” Eligibility is not open-ended. To qualify, a company must already operate at meaningful scale and regulatory maturity. For example, a “covered provider” includes firms that: Hold at least 40 active state money transmitter licenses, or operate under a state bank or credit union charter."