Re:FedNow FAQ
by 46Bit on Thursday August 18, 2022 @11:58AM
(#32511376)
The existence of most of those apps has long seemed crazy from a UK perspective. Our bank transfers take seconds to hours, to pretty much anyone. Payments are one of the banking areas where the US has been stuck far in the past.
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Re:FedNow FAQ
by toomuchtodo on Thursday August 18, 2022 @12:07PM
(#32511505)
They were shims around Congress not providing the Fed the authority to establish instant payment infra until very recently (~3-4 years ago). With instant payment utility capabilities, you can eliminate the need for these shims and other antiquated financial infra previously supporting faster settlement (RTP, Zelle, credit/debit cards, etc).
Very pleasant to see the US catch up to the developed world in this regard [1].
[1] https://www.moderntreasury.com/journal/real-time-payments-ar...