The proposal will limit overnight balances, pay no interest, limit access to the discount window, and restrict use to final-settlement systems.
The proposal shows a fundamental policy change by permitting uninsured or lightly supervised institutions to link directly to the balance sheet of the Fed.
The financial technology trade groups, headed by the American Fintech Council, have requested the Federal Reserve to proceed with a plan that would provide some non-bank financial companies direct access to U.S. payment rails.
The Chief Executive Officer of the American Fintech Council, Phil Goldfeder, gave a statement on February 9, stating that a well-designed payment account can broaden competition and responsible revolution in payments without any new risk.
A payment account is a defined Federal Reserve account that permits some financial companies to send and settle payments directly, without giving them complete banking privileges.
The force comes amid reviewi
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