[Federal Reserve Proposes Establishing Payment Accounts to Support Clearing and Settlement for Specific Institutions] The Federal Reserve Board on Wednesday proposed the establishment of 'payment accounts' for eligible financial institutions to use for clearing and settling payments. These accounts are designed to support innovation while reducing risks to Reserve Banks and the payment system. Account holders will not have access to intraday credit or the discount window, nor will they earn interest on Reserve Bank balances, and they may only use automated payment services.