The Federal Reserve Board has 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.

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