WASHINGTON (Reuters) -The U.S. Federal Reserve is studying the creation of a new account that would provide access to Fed payment services for firms that currently rely on third parties like banks for that access, a senior official said Tuesday.

Fed Governor Christopher Waller said the so-called "payment account" is a prototype idea that could grant access to firms seeking to utilize the Fed for payment services, without granting them full access to the services and backstops the Fed provides to banks.

For example, the account could be limited in size, not pay interest, and not allow for overdrafts. The accounts also may not have access to the Fed's discount window for emergency lending, but could receive streamlined review, he added.