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The proposal would give non-bank payment firms direct connectivity to the Fed’s systems, reducing reliance on partner banks and aligning the US with international norms.

The blueprint for a new type of “payment account,” also referred to as a “skinny master account” was outlined by Federal Reserve Governor Christopher Waller in a  at the Payments Innovation Conference in Washington, DC.

It would allow eligible payment institutions to connect directly to Federal Reserve payment rails without holding a full master account, which is traditionally reserved for chartered banks.

The accounts would provide basic access to the Fed’s payment infrastructure, but exclude traditional privileges such as interest-bearing balances, overdraft facilities and borrowing through the discount window. Balance caps could also apply to limit risk. 

The concept targets institutions that currently conduct payment services primarily through partner banks but do not require the full suite of central bank services. It echoes similar initiatives in the UK, Australia and Singapore, as well as in the EU.

Access to the Fed’s payment system is currently limited to institutions holding a master account, which are assessed under a three-tier framework, with heightened scrutiny for non-federally supervised entities. 

Likely impact

The new payment account model would introduce a streamlined, lower-risk form of access, marking a significant shift away from the current “master-account-or-nothing” framework.

The initiative is particularly relevant for large fintech and payments firms such as Stripe, Wise, Chime, Brex and Ramp. 

These companies could benefit from improved economics and greater operational control by connecting directly to the Fed’s systems rather than relying on partner banks. 

The change would also bring the US closer to international norms, as non-bank payment service providers in other jurisdictions already enjoy more direct access to national payment infrastructures.

The proposal has generated a positive response from the payments sector. For example, the Financial Technology Association (FTA) said it is “an exciting and important recognition that our nation’s payment infrastructure must keep pace with the evolving financial services landscape.”

Penny Lee, President and CEO of the FTA, commented that “while we look forward to working with the Federal Reserve Board on the development of this proposal, we agree that providing well-regulated payment innovators with access to the federal payment infrastructure is important for America’s financial future.

“It will ensure America continues to be a leader in innovation and help deliver faster, cheaper, and secure payments to consumers and small businesses.”

Continued growth

In his speech, Waller noted that the Fed views the payments landscape as having evolved beyond traditional banking boundaries. 

The central bank aims to adapt its approach to keep pace with rapid developments in payments technology and to tailor its services to reflect the differing risk profiles of modern providers.

The speech also highlighted the Fed’s increasing engagement with technological innovation in areas such as stablecoins, tokenised assets and artificial intelligence (AI) in payments. 

Distributed ledgers and digital assets are increasingly seen within the central bank as integral to the broader financial system rather than as peripheral experiments.

Although the “skinny” master account remains a prototype, Federal Reserve staff have been instructed to explore the concept and consult industry stakeholders. 

If implemented, the move would mark a decisive step towards integrating fintechs more directly into the payments infrastructure of the world’s largest economy.

It reflects a growing recognition that the future of payments will depend on collaboration between incumbent institutions such as retail banks and emerging providers such as fintechs and crypto firms. 

The FTA’s response suggests that fintechs are likely to act quickly to capitalise on the Fed’s proposal, preparing to meet eligibility requirements, upgrading infrastructure and exploring business models that leverage direct access to central bank payment rails. 

Enhanced compliance and operational readiness will be key for firms seeking to gain a competitive edge alongside traditional banks.