Banks serving as guinea pigs for Federal Reserve’s instant payments system
arstechnica.com
The Fed's goal is to connect 9,000 financial institutions nationwide.

Fed’s new instant payment system could be trouble for PayPal, Venmo::The Fed’s goal is to connect 9,000 financial institutions nationwide.

  • burningquestion@lemmy.worldEnglish
    16·
    1 year ago

    Yes, but in the US, everything has to be really shitty and backwards for no reason, so banks don’t have functional apps to quickly move money around. You can do ACH transfers, which work, but are only designed to clear within a couple days, not minutes.