>The CEOs of Citi and Bank of America both told lawmakers at a Dec. 6 Senate hearing that they were preparing to join the network in the coming months. Assumin

>The CEOs of Citi and Bank of America both told lawmakers at a Dec. 6 Senate hearing that they were preparing to join the network in the coming months. Assuming this is actually correct, I agree with you that this would be pretty successful. Although it still seems like FedNow should've existed years ago. I can deposit a check using the supercomputer/high-res-camera I carry around in my pocket, using a global information network. But it still takes 3 days for ACH to do its things. Companies can do hard things with the right incentives. >Big banks, which spent more than $1 billion on their own real-time payments system, lobbied to stop the Fed from developing FedNow, which would compete with their network. Seems like the incentives were in the wrong direction.