FED Mulls ‘Payment Accounts’ for Fintechs, Small Companies

The US Federal Reserve is considering the introduction of a new type of payment account that would make it easier for smaller companies to participate in the central bank’s payment system, signaling the end of the crypto industry’s banking access challenges.

The newly floated “payment accounts” would seek to grant full access to fintech companies seeking to utilize the Fed’s payment services, which are currently reserved for large banks and financial institutions through the Fed’s “master accounts.”

“I believe we can and should do more to…