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Interesting, thanks for sharing @toomuchtodo , do you know if this is a replacement for the ACH system that has been around since the 70s?
by danboarder 5y ago
Interesting, 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.