The Federal Reserve Board has requested public input on a proposed “payment account” that eligible financial institutions could use solely to clear and settle payments through Federal Reserve payments services. The concept is designed as an alternative to a master account for institutions seeking limited payments functionality. Under the prototype, a payment account would not pay interest, would not provide access to Federal Reserve credit, and would be subject to balance caps and other features intended to distinguish it from a master account. The Board indicated that tailoring the account to these limited uses could lower payments-system risk and allow requests to generally receive a streamlined review, while not expanding or otherwise changing legal eligibility for access to Federal Reserve payments services. The comment period closes 45 days after publication in the Federal Register.
2025-12-19Federal Reserve Board
Federal Reserve Board launches request for input on a prototype payment account for clearing and settlement access
The Federal Reserve Board seeks public input on a proposed "payment account" for eligible financial institutions to clear and settle payments through Federal Reserve services. This account, distinct from a master account, would not pay interest, offer Federal Reserve credit, and would have balance caps to mitigate payments-system risk. The proposal aims to streamline review processes without altering legal eligibility for Federal Reserve payments services.