The White House posted a series of Executive Orders (EO) this week, signed by President Donald Trump. A key EO was demanding that Fintechs have better access to the Federal Reserve and certain functions, such as payment accounts and real-time payments, to improve services for non-bank financial services firms.
The May 19, 2026, EO, “Integrating Financial Technology Innovation into Regulatory Frameworks,” tells regulators they must review and remove barriers that favor incumbents and currently hinder Fintechs. One insider sees this as good for regional or smaller banks, which may be able to partner with Fintechs who can provide needed services.
Ran Grushkowsky, CEO of MassPay, a global payments company, says the EO is a meaningful step in the right direction – and one we believe is long overdue.
“At its core, the order directs federal regulators to remove the fragmented, incumbent-protecting barriers that have slowed fintech adoption, and critically, it asks the Federal Reserve to evaluate direct access to payment accounts and real-time rails for non-bank financial companies,” posited Grushkowsky. He believes this will create a real opportunity for these banks to modernize their payment capabilities by partnering with Fintechs, rather than building it on their own.
“For consumers and businesses – especially those operating across borders – it means faster, more accessible, and more competitive financial services. MassPay was built on the belief that the payments infrastructure serving the global economy should be open, efficient, and innovation-driven. This order moves that vision from aspiration to policy.”
While this will obviously benefit MassPay, it could also benefit consumers and businesses. At the same time, some worry that concerns regarding systemic questions or abuses pertaining to illicit activity may cause problems.