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.

  • @[email protected]English
    7•2 years ago

    Here in the US it’s only instant if it’s coming out of your account.

    If it’s coming out of the bank’s account

    Can you please explain the difference here, because that doesn’t make sense to me. When am I ever transferring money out of the banks account instead of mine?

    • @[email protected]English
      6•2 years ago

      My comment was worded in an intentionally inflammatory way for sarcasm and humor. Poking fun at this pester charging for everything culture.

      To answer your question though.

      The point of view of the leveraging bank money, a loan, credit, refund.

      To be fair, general banking has gotten a lot faster in both directions. So my snark is marginal at best.

      • @[email protected]English
        1•2 years ago

        Ah ok, all good. I guess it’s showing how bad the state of affairs is with payments in the USA when I had to ask that question haha.