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The Federal Reserve is rolling out FedNow in July[0], which should enable instant payments, so instant transfers between accounts will be possible as more banks
by judge2020 4y ago
The Federal Reserve is rolling out FedNow in July[0], which should enable instant payments, so instant transfers between accounts will be possible as more banks adopt it and more systems prefer it over ACH / wire. It still requires exchanging ACH credentials (routing and account number) so you won't see things like card terminal payments using it anytime soon.
0: https://www.federalreserve.gov/newsevents/pressreleases/other20230315a.htm https://www.federalreserve.gov/newsevents/pressreleases/othe...
- ggm 4y agoThe Australian Banking sector went with a thing badged dually as both "OSKO" and "PayID" which recognises phone numbers and email addresses for person-to-person and was sold as lightweight person-to-person, probably the space Venmo is in. Out of the blue I now see the same payment vehicle when I ostensibly use another pre-existing mechanism we have here called BPay: you identify you want to use some prior clearing framework with ID "a" and it internally has mapped it to ID "b" in the other (presumably cheaper) payment framework. Sold as p2p and being used for bill paying to institutions. But like your one, not card level: account level, app driven, I think at this point given I'd say "meh" because its my money, no matter which card or account its from.
- judge2020 4y agoFor P2P the US has Zelle which does email and phone number identification, but people usually stick to Apple Pay (Messages app) and Venmo/Cashapp otherwise.
- imtringued 4y agoFedNow is the equivalent to EU SEPA Instant Payments yet when you search for it on YouTube you get to see people trapped in weird conspiracy theories about CDBCs.