(fair warning, didn't edit this) > Are the advances in the ACH system going to do away with fees that include a percentage component? See my answer to @hanna

(fair warning, didn't edit this) > Are the advances in the ACH system going to do away with fees that include a percentage component? See my answer to @hannan below. (Short answer: yes) > I would be very surprised if banks simply decided to voluntarily step back from a system that will enable them to have more control over the US economy than the federal government. I don't think I've ever heard this more accurately or succinctly put. In this megathread, here on HN, everyone thinks it's about banks wanting money. From working with banks on this for nearly 5 years, this isn't true. They're fighting for relevancy, the status quo. They've had control over this system since the 70s and have built fortification after fortification (through regulation, technology, etc.) to protect themselves from the whims of trending market forces. But you remember in Rocky 4, when Rocky made Ivan Drago (the invincible super-soldier) bleed? (source: https://www.youtube.com/watch?v=VefZwIhCdqI https://www.youtube.com/watch?v=VefZwIhCdqI) It showed Balboa that Ivan was human, had vulnerabilities. The match shifted after that. The fear Ivan felt is exactly how financial institutions feel now. New market entrants (see: Apple, Stripe, BTC, Dwolla), regulatory uncertainty (CFPB, Dodd-Frank, etc), and changing customer expectations (real-time communication, uberization, etc) have shown banks that they're no longer unaffected to the whims and trends of consumer innovation. This is why they're at the table (despite torpedoing Same-Day ACH in 2011). They're choosing the least worst of two options: have the Fed step-in with a mandate (could get from congress in the next 2 years) or inform the next infrastructure of the US economy. The good news is that this time, unlike in the 70s, it's not just banks designing the system. Fed Fast Task Force is comprised of consumer groups, retailers, innovative tech companies (including Dwolla, Ripple, and many more), regulators, academics, and many more. We may not have as many cards as we think, but we've been able to influence some pretty key decisions. Also, banks aren't always the villians we make'em out to be. Behind those logos are real people that really want a better payment system, not just to protect their bottom-line but because they want something better for their families, neighbors, and (selfishly) themselves. We'll get lapped by other economies if we don't (See: 37 other nations with or creating a real-time system). They're fighting hard to make the best system possible, given their constraints (fraud, liability, existing regulation, and, yes, their P&L).