Kiffmeister’s #Fintech Daily Digest (20220609)

Kansas City Fed Rescinds Master Account for Payments Firm, GOP Senator Says

The Federal Reserve Bank of Kansas City has reportedly revoked Reserve Trust’s master account that was controversially granted in 2018. Reserve Trust previously highlighted its master account prominently on its website. The Fed is currently reviewing how its regional branches should handle requests for such accounts amid an uptick in interest from banks with “special purpose” charters, particularly those focused on crypto-assets, which would allow them to avoid having to partner with traditional banks for such payment-system access. Meanwhile, Wyoming-based Custodia Bank is suing the Fed for its tardiness in evaluating its master account application. [Read more]

India’s central bank to allow linking credit cards with UPI

The Reserve Bank of India (RBI) is proposing to allow linking of credit cards on the United Payments Interface (UPI) platform beginning with RuPay credit cards. Rupay is India’s homegrown card network, which is promoted by the National Payments Corporation of India, a body of the RBI that also oversees UPI payments. The is a system that powers multiple bank accounts into a single mobile application (of any participating bank), merging several banking features, seamless fund routing and merchant payments into one hood. [Read more]

Upcoming events I’m affiliated with:

The CBDC Think Tank is hosting a CBDC Papers Lecture Series on June 17 and 24 starting at 7am EST and running for 4 hours each day. [View list of papers and register here]