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If the launch is anything like the UK Faster Payments Service then expect a two-tier system for some time until most banks are on onboard. Really hoping this t
by ashconnor 4y ago
If the launch is anything like the UK Faster Payments Service then expect a two-tier system for some time until most banks are on onboard.
Really hoping this takes the pain out of moving money between accounts. Currently it's ridiculously convoluted and time consuming.
1. Add external account
2. Wait for two micro-deposits to external account
3. Confirm deposits with origin bank
Then you can pull money but can't push it.
Canada is almost as bad but at least the Interac system is pretty quick and allows you to send money to yourself. My bank in the US explicitly told me not to do that with Zelle.