WASHINGTON, Dec. 23 -- Federal Reserve System has issued a notice called: Request for Information and Comment on Reserve Bank Payment Account Prototype.
The notice was published in the Federal Register on Dec. 23 by Benjamin W. McDonough, Deputy Secretary of the Board.
Summary: The Board of Governors of the Federal Reserve System (Board) seeks public input on a special purpose Reserve Bank account prototype (a Payment Account) tailored to the risks and needs of institutions focused on payments innovation. A Payment Account holder would be expected to use its account for the express purpose of clearing and settling the institution's payment activity. Payment Accounts would be designed to pose limited risk to the Federal Reserve Banks (Rese...