The Federal Reserve Board has opened a new comment period on a proposed "payment account" for legally eligible financial institutions that need direct clearing and settlement access but not the full set of master-account services.

The proposal matters for crypto and fintech companies because many newer payment firms have sought direct access to Reserve Bank services to reduce settlement costs and speed up transfers. The Fed said many of those requests now come from institutions that are not federally insured, which raises different risk questions than applications from traditional banks.

The account would be deliberately narrower than a standard master account. Payment-account holders would not receive intraday credit, would not have discount-window access, and would not earn interest on balances held at a Reserve Bank. Their payment services would also need automated controls designed to prevent overdrafts.

The Fed said the proposal is substantially similar to the prototype it floated in a December 2025 request for information, but includes limited changes after public feedback. One change is that closing balance limits would be based on expected payment activity, with the maximum closing balance increased from the earlier version.

This is still a proposal, not an approval path for any specific company. The Fed also says it would not expand or change legal eligibility for Reserve Bank accounts or payment services. The comment period closes 60 days after publication in the Federal Register.