3 ms·
Zelle and Venmo are instant.
by rblatz 6y ago
Zelle and Venmo are instant.
- deleted 6y ago[deleted]
- creato 6y agoThey only look instant. Behind the scenes, settlement is taking more time, and if settlement fails, the transaction could be reversed. They do this by taking on the settlement failure risk, which is exactly what Robinhood does, and is exactly why Robinhood ran into potential trouble when GME became so volatile.
- taude 6y agoAlso, Zelle is limited to moving ~$3K/day USD depending on your bank.
- rblatz 6y agoZelle does have a B2C solution which has significantly different limits. Also it was my understanding that Zelle was a multi bank collaboration to provide a better transfer mechanism than ACH and to avoid a lot of the legacy cruft built into the ACH standard.