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As an example, if you're say, Venmo, your ACH batches won't contain information about the individual p2p money movements of your customers.
by EgregiousCube 3y ago
As 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.