Federal Reserve Governor Waller: The Federal Reserve will more actively study and embrace innovations in the payments sector

BlockBeats News, October 21, according to Bloomberg, Federal Reserve Governor Christopher Waller stated that the Federal Reserve will more actively study how to embrace innovative developments in the payments sector.

In his speech at the Federal Reserve Payments Innovation Conference, Waller mentioned that he has asked staff to explore the idea of "payment accounts," calling this a "new era" for the Fed's payments business. Payment accounts would make limited use of the Fed's services and be subject to simplified reviews. Payment accounts would not earn interest, would not have overdraft privileges, could not use the discount window, and might face balance caps. Federal Reserve staff are studying solutions to provide "payment accounts" to businesses that currently rely on third-party banks.