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
View all comments

Finally, it's ridiculous we have to pay fees to a private company just to easily transfer money.

Finger crossed it'll be compatible with IBAN/SWIFT banking so we can actually be a part of the International community.

So in the UK we have had a standard free "instant" payment system between banks for what feels like a couple of decades now (and compatibility with the IBAN for at least half that time). Given that, how has this taken so long? What did people do before Venmo?