The U.S. Federal Reserve proposed adopting a new, more limited form of a payment account that would allow firms to move money across the Fed's payment rails without enjoying all the backstops available to traditional banks. The accounts would not include access to intraday credit or the Fed's discount window, nor would firms earn interest on reserves held at the Fed.
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Fed proposes limited payment accounts for fintech companies
"It's definitely a signal that the White House wants to expand access to the Fed's payment system," said Roman Goldstein, senior director at Klaros Group.
