Fed launches long-awaited instant payments service, modernizing system
reuters.com
Looks like the US is finally catching up to the rest of the world for transferring money
Looks like the US is finally catching up to the rest of the world for transferring money
Wait, really? This is a huge deal! Private companies should not have a monopoly on handling payments. They have major issues and garbage privacy. A federal service might not truly fix those problems, but it would ideally be far more accountable and subject to more oversight. Between this and the free tax filing service, I’m starting to feel moderately hopeful about certain things.
It sounds like a platform private companies can use to develop instantaneous peer-to-peer money transfer, as opposed to a true service run by the feds. Either way, the fact that it would allow someone to make a direct payment to another person's bank account anywhere would be a huge upgrade.
As a Canadian I'm surprised to hear it took this long. Is that why everyone uses venmo?