Federal Reserve Board Governor Christopher Waller stated that the Fed will more actively explore how to embrace innovative developments in the payments sector. At the Fed's Payment Innovation Conference, Waller stated that he has asked staff to explore the concept of "payment accounts," saying this would usher in a "new era" for the Fed's payments business. Payment accounts, according to reports, would have limited access to Federal Reserve services and be subject to simplified review, but would not bear interest, offer overdrafts or discount windows, and might have a balance limit. The Fed team is exploring the feasibility of directly providing such accounts to businesses that rely on third-party banks. (Bloomberg)