I wanted to reply to my above comment to clarify because people are somehow thinking that just because I wanted to take the time to explain what this is that I

I wanted to reply to my above comment to clarify because people are somehow thinking that just because I wanted to take the time to explain what this is that I support it. I probably don’t. This is an internal accounting system used by JPMC and potentially other banks. I don’t give a crap about what they use for accounting unless it works well and provides consumer benefits. I don’t care if it’s MySQL and PGP or a person with punch cards. Whether or not I support this depends on if JPMC: 1. Gets adoption so this works with a bunch of banks and people and businesses can send me or I can send them money 2. Results in a reduction in settlement times versus ACH and wire 3. Comes at a lower cost to the consumer than wire or ACH 4. Comes with the same guarantees I’m pretty skeptical as services like Zelle and Venmo provide way less guarantees than wire and ACH