The Future of Payments

86 BANKING PERSPECTIVES QUARTER 4 2018 Should Non-Bank Payment Firms Be Eligible to Open Federal Reserve Bank Accounts GROWING DEMAND BY NON-BANK PAYMENT FIRMS FOR DIRECT ACCESS TO U.S. SETTLEMENT SYSTEMS SHOULD MAKE US REASSESS NOT ONLY WHICH FIRMS ARE ELIGIBLE FOR FEDERAL RESERVE MASTER ACCOUNTS BUT WHICH SHOULD BE GRANTED U.S. BANK CHARTERS AND LICENSES.