4 ms·
> The U.S. Faster Payments Council (FPC) is an industry-led membership organization established so Americans can safely and securely pay anyone, anywhere, at an
by JimmieMcnulty 4y ago
> The U.S. Faster Payments Council (FPC) is an industry-led membership organization established so Americans can safely and securely pay anyone, anywhere, at any time and with near-immediate funds availability. [0]
> The FedNow Service is a new instant payment service that the Federal Reserve Banks are developing to enable financial institutions of every size, and in every community across the U.S., to provide safe and efficient instant payment services in real time, around the clock, every day of the year. [1]
for context in case not everyone knows what "Faster Payments Systems" is (or that it's the actual name of the system, apparently).
[0] https://fasterpaymentscouncil.org/ https://fasterpaymentscouncil.org/
[1] https://www.frbservices.org/financial-services/fednow/about.html https://www.frbservices.org/financial-services/fednow/about....
- arcticbull 4y agoThat's the UK one, the Faster Payments Service. In the US it's called FedNow. [1] [1] https://www.frbservices.org/financial-services/fednow/prepare-for-fednow/watch-get-ready-fednow-video https://www.frbservices.org/financial-services/fednow/prepar...
- JimmieMcnulty 4y agoGot it in the edit, thanks!
- arcticbull 4y agoYeah the capitalization in the article title is all wrong so it was hardly your fault. This article doesn't even call it by its proper name. They even refer to the competing service as "The Clearing House" - it's not, it's RTP [1] - that's the name of the company that runs it. Surprisingly FedNow [2] is barely mentioned on Wikipedia. [3] This is probably a better article to have linked for the post. [4] [1] https://www.theclearinghouse.org/payment-systems/rtp https://www.theclearinghouse.org/payment-systems/rtp [2] https://www.frbservices.org/financial-services/fednow https://www.frbservices.org/financial-services/fednow [3] https://en.wikipedia.org/wiki/FedACH https://en.wikipedia.org/wiki/FedACH [4] https://www.pymnts.com/news/payment-methods/2022/fednow-pilot-brings-new-features-use-cases-for-instant-payments-in-23-and-beyond/ https://www.pymnts.com/news/payment-methods/2022/fednow-pilo...