Fed mulls ‘skinny’ payment accounts to open rails for fintech, crypto firms
Industry watchers welcomed the idea of “skinny” master accounts as another sign of the end of crypto’s banking troubles, in what insiders describe as “Operation Chokepoint 2.0.”
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 support those actively transforming the payment system,” said Fed Governor Christopher J. Waller during his speech at the Payments Innovation Conference on Tuesday, adding:
