#FedPaymentsInnovation I believe we can and must do more to support those who are actively transforming the payment system. To this end, I have asked the staff of the Federal Reserve to explore the idea of what I call a 'payment account'," Waller said this morning at the Federal Reserve's Payments Innovation Conference.

"The idea is to tailor the services of these new accounts to the needs of these businesses and to the risks they present to the Federal Reserve banks and the payment system accordingly.