On December 19, against the backdrop of cryptocurrency and fintech companies actively seeking access to the central bank's payment system, the Federal Reserve proposed the establishment of a new type of payment account.
Under this plan, eligible institutions would be able to use such accounts for the clearing and settlement of payments. Regulatory authorities stated that these accounts would differ from "Master Accounts," which are coveted systems used by financial institutions to access various payment services provided by the Federal Reserve.
Federal Reserve Governor Christopher Waller stated in a declaration: "These new payment accounts will support innovation while ensuring the safety of the payment system." Waller had previously advocated for the establishment of a possible "streamlined" version of master accounts for specific institutions. The Federal Reserve noted that these payment accounts would not accrue interest, would not have access to Federal Reserve credit, and would be subject to balance caps, distinguishing them from master accounts. Additionally, this proposal would neither expand nor alter the statutory eligibility for accessing Federal Reserve payment services.