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The EU has already figured this out with the recently passed instant payments regulation [0]. As of 2024 are 5,304 banks in the EU [1], so the number of banks r
by evan_a_a 1y ago
The EU has already figured this out with the recently passed instant payments regulation [0]. As of 2024 are 5,304 banks in the EU [1], so the number of banks really isn’t an excuse. The US banking system lags the rest of world by a mile, because there is no will to force modernization.
[0] https://www.ecb.europa.eu/paym/integration/retail/instant_payments/html/instant_payments_regulation.en.html https://www.ecb.europa.eu/paym/integration/retail/instant_pa...
[1] https://www.ebf.eu/factsandfigures/ https://www.ebf.eu/factsandfigures/
- bobthepanda 1y agoThe regulation passed in 2024 which is the same year as FedNow. Am I missing something?
- evan_a_a 1y agoFedNow is a technological solution for instant payments, not a regulation. It’s a voluntary system for the banks to join. Further, banks are not required to offer instant payment services to their customers. The analogous technological solution in the EU is TIPS [0], which has been operational since 2018. The IPR is a regulation that requires banks to support instant payments and offer them to customers. [0]: https://www.ecb.europa.eu/paym/target/tips/html/index.en.html https://www.ecb.europa.eu/paym/target/tips/html/index.en.htm...