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A comment on FedNow FAQ. Parent comment

Re:FedNow FAQ by cecilpl2 on Thursday August 18, 2022 @12:16PM (#32511606)
Yes. None of those are a thing here in Canada in my experience. We have Interac E-Transfers which is allow you to send money to anyone just by knowing their email address or phone number.

Either the person gets an email/text with instruction to deposit the money, or they can register their email in a central database which allows for automatic deposit and nearly instant transfer.

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Re:FedNow FAQ by digianarchist on Thursday August 18, 2022 @01:49PM (#32512762)
Nearly instant depending on your bank. Waiting 45 minutes to an hour is not unheard of. They do a really poor job of assessing risk e.g. sending money to myself routinely still results in slow transfers.

There's also ridiculously low limits on daily/weekly/monthly transfers making it useless for say moving a house deposit between banks.

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Re:FedNow FAQ by koblas on Thursday August 18, 2022 @01:01PM (#32512224)
Payments Canada is working on their real-time system, in theory this will be deployed this year.

https://www.payments.ca/real-time-rail-payment-system

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