US Fed proposes rule to set up bank payment account for clearing, settling
By Neil Roland ( May 20, 2026, 21:30 GMT | Insight) -- The US Federal Reserve released a draft rule to establish a "payment account" that legally eligible financial institutions could use for the specific purpose of clearing and settling their payments. The Fed said financial institutions — many of which are not federally insured — with an increasingly wide range of business models have sought direct access to the central bank’s payment services to reduce costs and increase payment speed. "The proposed payment account would be tailored to support innovation," the agency said.The US Federal Reserve released a draft rule on Wednesday to establish a "payment account" that legally eligible financial institutions could use for the specific purpose of clearing and settling their payments....
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