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The existence of most of those apps has long seemed crazy from a UK perspective. Our bank transfers take seconds to hours, to pretty much anyone. Payments are o
by 46Bit 4y ago
The existence of most of those apps has long seemed crazy from a UK perspective. Our bank transfers take seconds to hours, to pretty much anyone. Payments are one of the banking areas where the US has been stuck far in the past.
- toomuchtodo 4y agoThey were shims around Congress not providing the Fed the authority to establish instant payment infra until very recently (~3-4 years ago). With instant payment utility capabilities, you can eliminate the need for these shims and other antiquated financial infra previously supporting faster settlement (RTP, Zelle, credit/debit cards, etc). Very pleasant to see the US catch up to the developed world in this regard [1]. [1] https://www.moderntreasury.com/journal/real-time-payments-around-the-world https://www.moderntreasury.com/journal/real-time-payments-ar...