Federal Reserve Board requests public input on “payment account,” which eligible financial institutions could use for the limited purpose of clearing and settling their payments
December 19, 2025
Federal Reserve Board requests public input on “payment account,†which eligible financial institutions could use for the limited purpose of clearing and settling their payments
For release at 10:00 a.m. EST
The Federal Reserve Board on Friday requested public input on a "payment account," which eligible financial institutions could use for the limited purpose of clearing and settling their payments.
In recent years, rapid developments in the payments industry have led to innovative approaches to banking, and financial institutions with new business models are seeking access to Federal Reserve payments services. To support innovation and promote a safe and efficient payment system, the new payment account would be tailored to meet the limited needs of eligible financial institutions seeking payments and settling services. This tailoring could result in lower risk to the payment system and, as a result, requests for payment accounts could generally receive a streamlined review.
"These new payment accounts would support innovation while keeping the payments system safe," said Governor Christopher J. Waller. "This request for information is a key first step to ensuring that the Fed is responsive to evolutions in how payments are made."
A payment account would be distinct from a master account, which is what financial institutions currently use to access payments services from the Fed. A payment account would not pay interest, not have access to Fed credit, and would be subject to balance caps, among other features that separate it from a master account. Additionally, a payment account would not expand or otherwise change legal eligibility for access to payments services from the Fed.
The comment period will close 45 days after publication in the Federal Register.
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