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The Federal Reserve doesn’t want to be in the business of managing all the infrastructure of payments. Banks offer a deposit product that lets you do useful th
by jameshart 4y ago
The Federal Reserve doesn’t want to be in the business of managing all the infrastructure of payments.
Banks offer a deposit product that lets you do useful things like ‘get your salary paid directly into your account from your employer’s account’, and ‘use a debit card to authorize transferring a couple of bucks to Starbucks’s account’.
- bombcar 4y ago> The Federal Reserve doesn’t want to be in the business of managing all the infrastructure of payments. I mean they're trying to work with it: https://www.federalreserve.gov/paymentsystems/fednow_about.htm https://www.federalreserve.gov/paymentsystems/fednow_about.h...
- jameshart 4y agoFair - although still through depository banks.