[Federal Reserve's Waller Announces Accelerated Launch of Customized Payment Account System]
Federal Reserve Governor Waller stated that the Fed plans to launch a simplified payment account system, allowing institutions to customize access to payment services based on risk conditions, with the goal of operating by the fourth quarter of next year. Waller said the Fed is advancing this project at a startup-like pace and emphasized that the 'New Federal Reserve' needs to take action. The concept of this system was first detailed last month, allowing certain institutions to access the Fed's payment infrastructure but excluding other services or guarantee mechanisms.