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Not in the US, so I may have misunderstood, but isn't FedNow for bank transfers rather than purchases?
by happymellon 3y ago
Not in the US, so I may have misunderstood, but isn't FedNow for bank transfers rather than purchases?
- toomuchtodo 3y agoNo, it is also intended for purchases in the future. Shakedown is deposit to deposit accounts, alias support is coming soon (phone & email identifiers). Walmart specifically submitted public comments on the topic in support of FedNow due to its payments capabilities. You don't need your bank to support it, using a financial services provider like ACI Global or Jack Henry & Associates is sufficient. Last call at the interchange trough. https://www.paymentsdive.com/news/walmart-kroger-eye-instant-payments-fednow/649055/ https://www.paymentsdive.com/news/walmart-kroger-eye-instant... https://news.ycombinator.com/item?id=37168917 https://news.ycombinator.com/item?id=37168917
- TedDoesntTalk 3y agoYes. I don’t believe FedNow is designed to transfer $5.32 to the local coffee shop.
- kranke155 3y agoThat’s what’s happened in Brazil with the PIX system. Same thing in Portugal with MBway. Starts as bank transfers then becomes the de facto way to transfer money.
- PaulDavisThe1st 3y agoWhy not?
- TedDoesntTalk 3y agoIt's replacing ACH which is not available to "consumers", only employers. Maybe I'm wrong.
- PaulDavisThe1st 3y agoI use the ACH all the time. I can't do it directly, but that's just an artifact that isn't of much significance to me, given that various financial services company give me access to use it as I need to. The same thing will presumably happen for FedNow.
- TedDoesntTalk 3y agoWhich bank gives ACH access to non-business accounts?
- PaulDavisThe1st 3y agoIt's ACH access without being ACH. I can trivially transfer cash to my kid's accounts at other banks, and to/from my 3rd party savings accounts, all via ACH. Likewise, PayPal and Wise (formerly Transferwise) provide it in the opposite direction: I can pull via ACH directly from my bank account.