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> I mean Crypto has also been doing immediate transfers for how long now? How do you reverse that charge in case of accident or fraud? ACH isn't great and RTP
by eropple 4y ago
> I mean Crypto has also been doing immediate transfers for how long now?
How do you reverse that charge in case of accident or fraud?
ACH isn't great and RTP/FedNow are significant improvements, but there are reasons why reconciliation exists.
- imron 4y ago> How do you reverse that charge in case of accident or fraud? Hard fork :-D
- Animats 4y ago> Hard fork Which is what happens when someone in charge loses money big time. Etherium Classic -> Etherium, LUNA->LUNC, etc.
- abrylov 4y agoI’m not sure you can reverse a FedNow payment as it uses a good funds model. The same way you can’t reverse a wire and the only reversible allowable for ACH is for erroneous files/payments and unauthorized debits (not all fraud is applicable there).