The US Federal Reserve Board has completed its guideline aimed at standardizing master account applications.
US Federal Reserve (FED) August 15 In the statement made on the official website of the FED board, the innovative finance companies master account the directive it prepared to standardize the applications you have completed announced. Master account is a kind of accounting account opened in the name of institutions at the central bank.
For the financial sector in a critical role New financial institutions that do not have master acouunts that are banks or with intermediary institutions he had to work. With the FED’s new directive, this will change and the conditions will be met. not made difficult On the contrary, he stated that various facilitations were made.
Although the general financial sector welcomes the decision, some “Fintech Model” claimed that the phrase was left as an open door. Allegedly, the phrase “Fintech Model” is used for future payments and banking system. high risk Providing master acoust services to institutions and organizations with new business models debatable.