The Federal Reserve wants to let fintech and crypto companies plug directly into its payment rails. But only a little bit.
The central bank is proposing a new type of financial account, dubbed a “skinny master account” or “payment account,” that would give eligible non-bank institutions limited access to the Fed’s payment systems. Think of it as a VIP pass to the concert, but you can only stand in the back and you definitely cannot go backstage.
What a skinny account actually is
The concept was first floated by Federal Reserve Governor Christopher Waller during the inaugural Payments Innovation Conference on October 21, 2025. The Fed followed up with a public request for input in December 2025, signaling this is more than cocktail-party talk.
In English: non-bank firms that are legally eligible could open accounts at the Fed to send and receive payments through Fedwire and FedNow, the two systems that move money between financial institutions in the US. Fedwire handles large-value transfers, often in the trillions daily. FedNow, the newer kid on the block, enables instant payments around the clock.
