It’s instant payment infra that can replace ACH, some wire volume, and some credit card volume. You can move up to $100k for pennies (but probably free, depending on your financial services provider).

Think Zelle for every US demand deposit account, with the network run by the US Federal Reserve. No more need for Venmo, Cash App, PayPal, etc.

Im in Brazil and they already have this. Pretty incredible how long its taken to make its way to the US.

I hadn’t visited in a few years and was shocked to see how ubiquitous Pix has become! People use it to pay at stores and restaurants. And even before Pix, domestic bank transfers were already instantaneous.

People selling coconut water on the streets of Recife will accept PIX. It’s changed the country quickly.

Nothing about "FedNow" is targeted at individuals. It's for financial institutions.

It is infrastructure for banks to provide instant payments to banking customers if you want to be pedantic.

https://www.frbservices.org/binaries/content/assets/crsocms/...

> The FedNow Service will facilitate end-to-end instant payment services for consumers and businesses, increase competition, and ensure equitable access to banks of all sizes nationwide.

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

Right, banks are financial institutions. You and I are not.

No, but you're probably a customer. Not sure why you just cherry picked that, but it most certainly will benefit individuals.

FedNow is just banks offloading their costs onto the public sector.

The private sector has had ample time and ability to implement a ubiquitous real-time settlement system, and it has not. I'd consider this money well spent.

as long as you're spending others money, of course it seems well spent