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What does the timing have to do with visibility though? What government move is quick enough for that to matter? Do you really believe that if “the government”
by culopatin 3y ago
What does the timing have to do with visibility though? What government move is quick enough for that to matter? Do you really believe that if “the government” wants to look at money flow they won’t do it until FedNow is live? Each transaction is tracked by an ID accessible by people in the system, not sure why you men by “invisible”.
- EgregiousCube 3y agoAs an example, if you're say, Venmo, your ACH batches won't contain information about the individual p2p money movements of your customers.
- culopatin 3y agoVenmo doesn’t use ACH when moving from Venmo to Venmo. And is the same with FedNow. If you send money from BankA account to bankB account, that’s an ACH transaction and it’s recorded as such. Same with Fed now.
- EgregiousCube 3y agoRight, these concerns are predicated on apps built natively on FedNow gaining market share to rival Venmo enough that these transactions are no longer opaque. If everybody uses it the same way they use ACH, there's no difference to the state of the world today.