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.

  • Sawblade@lemmy.worldEnglish
    42·
    1 year ago

    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.

    • 9point6@lemmy.worldEnglish
      9·
      1 year ago

      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?