Financial Technology Principles
Rapid growth and innovation in the financial technology industry gives rise to new opportunities and challenges for innovators. TechNet will promote efforts to empower businesses and advance the fintech economy.
TechNet supports private sector efforts to empower consumers to better manage their financial lives and enjoy new, safe, secure, and reliable financial tools. In particular, TechNet supports:
- Streamlined rules for the online lending marketplace. Antiquated federal and state regulations fail to address the constant change, diversity, and innovation in the marketplace. Federal and state policymakers should streamline lending laws across jurisdictions and account for the innovative lending market of today.
- Policymakers should promote industry best practices that protect consumers and small businesses while maximizing diversity and innovation in lending services.
- Unlock the power of financial apps. Policymakers should empower consumers and small businesses to take advantage of financial applications on their smartphones that help them improve security, convenience, and reliability.
- Leverage technology to reduce barriers to financial services. The Internet, the cloud, and mobile innovations should be empowered to thrive in an open environment free of cumbersome and antiquated regulatory burdens.
Payment System Principles
- Promote enhanced security and convenience through continuous innovation. No one technology should be mandated for security and authentication, nor should one technology become a de facto mandate through “floor-setting.”
- Support policies that promote new entrants and empower consumers to utilize a broad array of financial technology products and solutions.
- Support efforts to reduce fraud in the financial industry through the empowerment of innovators and innovation.
- Promote free market growth of the payments industry and defend it against market-controlling legislative and regulatory policies.