May 06, 2021 05:57 AM (GMT+8) · EqualOcean
As financial technology start-ups become popular during the epidemic, the Federal Reserve is considering whether to allow them to use the Federal Reserve's payment system more directly. The Federal Reserve issued an announcement on Wednesday to solicit public opinion on a proposed way to allow companies adopting the "new banking charter" to use the accounts and services provided by the Federal Reserve“ With the rapid changes in the field of payment driven by technology, the proposed account opening method will ensure that new institutions' applications for access to the Federal Reserve's payment system are consistently and transparently evaluated. " Federal Reserve director brennard said in the announcement. If approved, it will give fintech companies one of the most effective ways to send money in the United States. For the Fed, it could also provide a more convenient way to transfer funds from the Treasury to us consumers, reducing its dependence on traditional banks.

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