Re:It’s Time for Real Time Settlement
by JumpCrisscross on Tuesday February 02, 2021 @06:23PM
(#26008499)
> the U.S. the Federal Reserve is already planning to support it
The U.S. has a real-time payments system. (One of the oldest in the world.) It's called Fedwire [1].
It's artificially kneecapped–Congress set a minimum fee of pennies on the dollar and many banks charge retail clients $10 to 35 for wires. But the rails are there and used and understood.
(Detour: my "abolish the penny" issue is expand Fedwire's market hours, enable it on weekends and remove all Fed fees for wires under $250,000.)
The U.S. has a real-time payments system. (One of the oldest in the world.) It's called Fedwire [1].
It's artificially kneecapped–Congress set a minimum fee of pennies on the dollar and many banks charge retail clients $10 to 35 for wires. But the rails are there and used and understood.
(Detour: my "abolish the penny" issue is expand Fedwire's market hours, enable it on weekends and remove all Fed fees for wires under $250,000.)
[1] https://www.federalreserve.gov/paymentsystems/fedfunds_about...