Odaily News The Federal Reserve is seeking public input on the establishment of a special purpose payment account. This account aims to provide eligible Financial Institutions, including encryption companies and fintech firms, with direct access to the central bank's payment system for clearing and Settlement purposes. Federal Reserve Board of Governors member Christopher J. Waller stated that the new payment account will support innovation and ensure the security of the payment system. Unlike traditional general master accounts, this account does not pay Interest, does not have overdraft privileges, and has a balance cap, but its approval process will be more streamlined. The comment period for this proposal is 45 days, aimed at responding to the evolution of payment methods and enhancing system efficiency.
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