Waller: The Federal Reserve will accelerate the launch of a risk-customized payment account system
2025-11-12 20:00:12
The Federal Reserve plans to introduce a new simplified system of payment accounts that will allow institutions to gain access to payment services tailored to their risk profile, with the goal of being up and running by the fourth quarter of next year, the Fed governor said on Wednesday. "We are moving this at the pace of a start-up, without the procrastination of traditional federal regulators," Mr. Waller said in announcing the fast-moving timetable. "I have always believed that we are a'new Fed 'and we have to do something about it." Mr. Waller, who chairs the Fed's internal payments committee, first detailed the idea of such "skinny accounts" last month, which would allow some institutions to access the Fed's payment infrastructure without additional services or guarantees.
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