Fintechs and banks clash over Fed's expanded access to payment networks.

Decrypt reports that US fintech companies are clashing with traditional banks over the Federal Reserve's expanded access to the central bank's payment network. The Fed previously announced it was seeking public input on the introduction of a payment account (a shortened form of a master account) that would allow access to the central bank's payment network without complex requirements. While fintechs emphasize the innovation and cost savings that direct payments can bring, banks are concerned that this measure could undermine the stability of the financial system and create regulatory blind spots, allowing stablecoin issuers and cryptocurrency-related companies to circumvent the Fed's core infrastructure. The outlet predicted that this Fed decision will reshape the US financial ecosystem.