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I believe much of the EU has done that. The US is going in a similar direction with FedNow, although at typical US pace.
by woodruffw 3y ago
I believe much of the EU has done that. The US is going in a similar direction with FedNow, although at typical US pace.
- legitster 3y agoFednow is only an inter-banking solution. It doesn't have any consumer facing component.
- woodruffw 3y agoI know that; real-time interbank settlement is the first and necessary step for real-time consumer settlement. ACH, our current interbank system, is incapable of real-time settlement.
- TheNewsIsHere 3y ago> ACH, our current interbank system, is incapable of real-time settlement. This might be nitpicky given the outcome is the same, but: That was once true but is no longer the case. Nearly-instant and same-day ACH are available now, but not widely and not typically available directly to consumers.