Federal Reserve Proposes Framework for Non-Bank Payment Accounts

The US Federal Reserve has taken a step towards opening up its payment systems to non-bank firms, including crypto companies. The central bank has proposed a framework for 'skinny' master accounts, which would allow these firms to clear and settle payments through the Fed's payment rails.

Under the proposal, payment account holders would not be entitled to intraday credit or access to the discount window, and interest on balances would not be paid. To prevent overdrafts, automated controls would be put in place.

The proposal follows a request for information issued by the Fed in December 2025, and increases maximum closing balance limits based on expected payment activity. The Fed has also asked regional banks to pause consideration of certain applications while finalizing the rule.