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I'm hoping the fed can successfully build and deploy some standard alternative to the noxious brew of ACH and wire transfers ubiquitous today, even if this atte
by aluminum96 5y ago
I'm hoping the fed can successfully build and deploy some standard alternative to the noxious brew of ACH and wire transfers ubiquitous today, even if this attempt fails to take. ACH is awfully complex and high-latency, and wires are expensive and user-unfriendly.
- toomuchtodo 5y agoFedNow Instant Payments goes GA 2023. It’s in beta now. https://corpgov.law.harvard.edu/2020/08/31/fednow-the-federal-reserves-planned-instant-payments-service/ https://corpgov.law.harvard.edu/2020/08/31/fednow-the-federa... https://www.northbaybusinessjournal.com/article/industrynews/northern-california-banks-credit-unions-to-test-faster-money-transfers/ https://www.northbaybusinessjournal.com/article/industrynews...
- danboarder 5y agoInteresting, thanks for sharing @toomuchtodo , do you know if this is a replacement for the ACH system that has been around since the 70s?
- toomuchtodo 5y agoIt will effectively replace ACH for <$25k transactions (larger amounts can traverse FedWire), although the intent was to offer a public infrastructure option to commercial banks to prevent The Clearing House’s RTP real time payment rails (“Zelle” from Early Warning Systems runs on these rails) from becoming a monopoly, possibly gating smaller banks and credit unions from a competitive deposit account feature.