Federal Reserve Proposes Streamlined Payment Account for Fintech Companies Without Fed Funds Rate Access

GateNews
According to a Federal Reserve statement reported by Jin10, the central bank proposed on Wednesday a new streamlined payment account that would allow fintech companies and other businesses to transfer funds through the Fed's payment system. However, the account would not grant access to daytime credit, the Fed's discount window, or interest-bearing reserve balances. The proposal aims to balance expanding access to the Fed's payment infrastructure while managing systemic risks.
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