Re:UPI: India's Unified Payments Interface
by hutzlibu on Saturday August 08, 2020 @08:25PM
(#24096349)
"Personally, I’d rather the Fed run real time payments instead of some private consortium made up of the largest US banks "
I allways thought, that the fed is exactly this? A private consortium out of the biggest US banks?
(But I am not a US citizen, but this is what I understood and thought strange, compared to the EU for example)
Re:UPI: India's Unified Payments Interface
by toomuchtodo on Saturday August 08, 2020 @08:28PM
(#24096353)
It’s a public private hybrid entity that is accountable to the US Congress (who also defines their mandate).
Personally, I’d rather the Fed run real time payments instead of some private consortium made up of the largest US banks (some governance/overnight vs less so as a private corporation), but the Fed’s been dragging their feet for years while Zelle has rolled out quickly. Humorously, Facebook’s Libra is what set a fire under the Fed [1] [2].
[1] https://www.bankingdive.com/news/fed-gives-new-details-on-it...
[2] https://www.federalreserve.gov/newsevents/pressreleases/file... (warning: 50 page pdf)