TechFlow, December 19 — According to Jinshi Data, the Federal Reserve announced on Friday that it is seeking public comment on establishing limited "payment accounts" for certain financial institutions. Such accounts would allow these institutions to use the Fed's payment services for clearing and settlement but would not carry the broader privileges currently enjoyed by banks. Federal Reserve Governor Waller stated that such accounts could "support innovation" while safeguarding the security of the payment system. If established, these accounts would be distinct from the Fed's master accounts, would not pay interest, and would not provide access to the Fed's credit facilities. They would also be subject to balance limits. Waller first proposed the idea last October, as the Fed sought a balance between enabling broader access to its payment services for entities like fintech firms and avoiding granting full master account privileges to less-regulated institutions.
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