The Federal Reserve is seeking public feedback on a new “payment account” that could give fintechs and crypto companies easier access to the central bank’s systems.
The US Federal Reserve is seeking public input on a proposed “payment account,” sometimes referred to as a “skinny master account,” that would give fintechs and crypto-focused firms limited access to the central bank’s payments infrastructure under a tailored approval framework.
"These new payment accounts would support innovation while keeping the payments system safe," Fed Governor Christopher Waller said on Friday. In October, Waller recommended that the Fed explore the idea of implementing payment accounts to clear and settle certain transaction activities of eligible financial institutions.
Waller added the Fed is introducing the payment accounts feature to reflect the “rapid developments” in the payments industry that have led to “innovative approaches to banking” and new changes in business models.
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