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A comment on Fed Opens Service That Dramatically Speeds Up U.S. Payments. Parent comment

Re:Fed Opens Service That Dramatically Speeds Up U.S. Payments by treyd on Thursday July 20, 2023 @10:28PM (#36809331)
>But FedNow has been designed in such a way that it could easily be modified to support one.

Curious how this would work, it would be a pretty big inversion of asset control to make it work.

Saying "just have to" is a very big "just", considering it was aimed at only a few thousand institutions with very tight reporting requirements being the target audience instead of hundreds of millions of nontechnical users that would need something that just werks.

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Re:Fed Opens Service That Dramatically Speeds Up U.S. Payments by AmericanChopper on Thursday July 20, 2023 @10:41PM (#36809411)
From the Fed's perspective it would be mostly changes to business processes to allow this to happen. Making it just work for end-users would could work in exactly the same way non-central bank digital currencies currently work, as in 3rd party institutions manage customer interfaces.
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