The Federal Reserve just did something it almost never does: it asked non-banks if they’d like a seat at the table. On May 20, 2026, the Fed Board issued a formal request for public comment on a new “payment account” prototype designed to let eligible fintech and non-bank firms clear and settle payments directly through Federal Reserve transaction platforms, including Fedwire and potentially FedNow.
What the prototype actually looks like
Federal Reserve Governor Christopher Waller first floated the concept as a “skinny master account” at the Payments Innovation Conference back in October 2025. Under the prototype, eligible fintech and non-bank entities would be able to access Fed transaction systems to clear and settle payments directly. Balances would be capped, the accounts wouldn’t earn interest, and holders would have no access to the Fed’s discount-window lending facilities.
The comment request builds on a December 2025 request for information that the Fed used to assess whether these kinds of accounts were even feasible. In March 2026, the Federal Reserve Bank of Kansas City approved a limited-purpose account for Kraken Financial, the crypto exchange’s banking subsidiary. That account came with restrictions similar to what the prototype envisions, making it something of a test case for the broader initiative.
