Federal Reserve (FED) · Federal Reserve
Proposed Payment Account Standard Terms (PDF)
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Federal Register notice: Proposed Revisions to the Federal Reserve Policy on Payment System Risk and the Guidelines for Account and Services Requests (PDF) *.
Key facts
- For media inquiries, please email [email protected] or call (202) 452-2955
- Note: On May 20, 2026, the attachment was updated to correct the language describing the requested pause on access decisions
- Federal Register notice: Proposed Revisions to the Federal Reserve Policy on Payment System Risk and the Guidelines for Account and Services Requests (PDF) *
- Federal Register notice: Regulation D: Reserve Requirements of Depository Institutions (PDF)
Summary
For release at 4:00 p.m. Following earlier public input, the Federal Reserve Board on Wednesday requested public comment on a proposal to establish a "payment account," which legally eligible financial institutions could use for the specific purpose of clearing and settling their payments. As the payments landscape rapidly evolves, financial institutions with an increasingly wide range of business models have sought direct access to the Federal Reserve's payment services to reduce costs and increase payment speed. The proposed payment account is substantially similar to the prototype outlined in the Board's request for information (RFI) issued in December 2025. The proposal does include some limited changes from the RFI, taking into account comments received.