Federal Reserve Board requests public comment on a proposal to establish a "payment account," which legally eligible financial institutions could use for the specific purpose of clearing and settling their payments

AI Summary

The Federal Reserve has issued a request for public comments regarding a new payment account proposal, which aims to enhance the capabilities of financial institutions in payment processing. This initiative seeks to ensure efficiency in the U.S. payment system.

By law, requests for access to Federal Reserve accounts and payment services are decided by Reserve Banks. The proposed payment account is ...