Fed’s new instant payment system could be trouble for PayPal, Venmo

L4sBot@lemmy.worldmod to Technology@lemmy.world – 297 points –
Banks serving as guinea pigs for Federal Reserve’s instant payments system
arstechnica.com

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

84

You are viewing a single comment

This is wild. Here in the UK we just transfer money from bank to bank in an instant using the banks own app.

Same here in Canada, e-transfer with 0 fees is pretty normal.

It's been a while since I did it but you can authorize it so all e-transfers are automatically accepted and deposited. I can't think of a scenario where that would be a bad thing.

How long has it been that way? We've never had that here in the states...

It’s so normal that I can’t actually remember it ever being any different. Even before the advent of mobile banking it was the same with internet banking. Instant transfers.

In the US we have Zelle which is free and instant, but it's still a third party your bank integrates

In Australia we've had free next business day transfers for as long as I can remember. Decades.

The transition to transfers that clear in seconds was happened gradually as bottlenecks were removed from the infrastructure one by one. Some transactions were instant a couple decades ago, but it's only in the last few years that most transactions are instant here.

These days, Visa/Mastercard are basically the slowest way you can pay someone. It's still the most commonly used option though, since it has the best fraud protection.

I do this in the States. Maybe you haven't noticed the option on the bank's site? Also make sure to use a credit union.

Same in Poland. That, and Blik system which let's you send money to a phone number (if it's also registered with Blik) and it's actually instant. Not "next transfer window" like Elixir transfers, instant.

And yes, completely free.

The US has this, it's called Zelle, every bank seems to have it, and it's instantaneous. For some reason it's just not popular, probably because Paypal and others are already entrenched.

Same in Canada. It's like going back in time when crossing the border when it comes to banking and payment.

In Spain we have Bizum - transfer money using a persons mobile phone number (as long as you’re both registered with your bank). Instant and free

Same with us. I don't know what these other folks are talking about. I transfer seemlessly between my accounts at different banks.

15 more...