This design is quite Web3—access-controlled but limited, free but with a cost, just that this time it's TradFi playing this game.

The Federal Reserve proposes to introduce a more limited type of payment account, allowing fintech and other companies to transfer funds through its payment system, but without the protections of traditional banks, nor access to intraday credit or discount window facilities. The reserves held by these companies at the Federal Reserve would also not earn interest. This move aims to expand access to its payment infrastructure while reducing potential risks to the financial system.