In the past few years, new financial products and delivery mechanisms have been introduced that work with traditional banking services. Many institutions, notably, have leveraged emerging technologies, including from institutions working with new types of bank charters designed to support such innovation. To make that happen, institutions have sometimes requested access to the payment system offered by Federal Reserve Banks. To help facilitate those requests along with considering ramifications of the broader system, the Federal Reserve Board wants to add new account access guidelines.
“With technology driving rapid change in the payments landscape, the proposed Account Access Guidelines would ensure requests for access to the Federal Reserve payments system from novel institutions are evaluated in a consistent and transparent manner that promotes a safe, efficient, inclusive, and innovative payment system, consumer protection, and the safety and soundness of the banking system,” said Federal Reserve Board Governor Lael Brainard.