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A comment on Justice Department Sues to Block Visa's Proposed Acquisition of Plaid. Parent comment

Re:Justice Department Sues to Block Visa's Proposed Acquisit... by vageli on Thursday December 03, 2020 @09:40PM (#25298310)
> Paypal has my banking details and can use those or credit/debit card to complete my payments. They always prefer to use bank because of no fees with cc/debit as backup. Google could do the same. ACH is really creaky and old.

> We need something like UPI (india) or Wechat (china) in the US. Zelle is a poor substitute.

Why is zelle a poor substitute? I can pay people via phone number.

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Re:Justice Department Sues to Block Visa's Proposed Acquisit... by kevin_thibedeau on Thursday December 03, 2020 @10:27PM (#25298550)
Zelle still uses ACH under the covers.
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Re:Justice Department Sues to Block Visa's Proposed Acquisit... by throwaheyy on Thursday December 03, 2020 @11:58PM (#25299148)
Zelle is real-time, while ACH is not.
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Re:Justice Department Sues to Block Visa's Proposed Acquisit... by toomuchtodo on Friday December 04, 2020 @11:57AM (#25304662)
Zelle is owned by a private company, owned by the US' largest banks [1]. The US Federal Reserve is working on a replacement [2] (FedNow) that presumably will have less power to keep banking entities (small banks, community banks) in the US with less pull off the network (with pricing or other mechanisms).

From the perspective that instant payments should be an inexpensive, accessible utility for the benefit of all citizens, the Fed's FedNow efforts are preferable to Zelle or legacy ACH services.

[1] https://en.wikipedia.org/wiki/Zelle_(payment_service)

[2] https://corpgov.law.harvard.edu/2020/08/31/fednow-the-federa...

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Re:Justice Department Sues to Block Visa's Proposed Acquisit... by haltingproblem on Friday December 04, 2020 @12:09PM (#25304853)
I understand how Zelle pull off real-time for intrabank. For interbank, they are either covering it or have they built a payment service under the covers?
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Re:Justice Department Sues to Block Visa's Proposed Acquisit... by kevin_thibedeau on Friday December 04, 2020 @04:48PM (#25308557)
The final real reconciliation for Zelle is done over ACH.
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