According to remarks by Federal Reserve Governor Christopher J. Waller at the Payments Innovation Conference on October 21, 2025, Fed staff are examining a new kind of account that would let certain non-bank firms connect directly to the central bank’s payment system. Reports have disclosed the idea is being called a “payment account” or informally a “skinny” master account.

What The Federal Reserve Is Proposing

The plan would stop short of giving full bank privileges. The accounts would likely not earn interest and would not have access to the Fed’s discount window. Balance caps and other risk limits are expected to be part of the design. Waller said staff are still working through the details and that the concept remains exploratory rather than a finalized rule.

Limits And Safeguard

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