Federal Reserve Proposes New Limited Payment Accounts for Fintechs

The Federal Reserve proposed on May 22, 2026 creating a new limited payment account that would allow fintechs to move money across the Fed's payment rails without enjoying all the privileges of traditional master accounts. The limited accounts would not provide all the backstops available to traditional banks.

Limited payment account proposal

• ▪The U.S. Federal Reserve's proposed limited payment account would enable fintechs to access the Fed's payment rails.
• ▪The U.S. Federal Reserve's proposed limited payment accounts would not provide all the backstops available to traditional banks.
• ▪The U.S. Federal Reserve proposed on May 22, 2026 adopting a new, more limited form of a payment account.
• ▪The new limited payment account would allow firms like fintechs to move money across the Fed's payment rails.

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