Canadian here. This sounds like Interac eTransfer, which is available to any person sending/receiving money where the endpoints are Canadian banking institutions (all of them, I guess?).
We've had this since 2003.
Fed announces details of new interbank service to support instant payments
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Re: Fed announces details of new interbank service to support instant payments
#22> The target launch date for the service remains 2023 or 2024, with a more specific time frame to be announced after additional work is completed. 4 years away, at least...
Just to be pedantic, 2023 is less than 2½ years away, so not "4 years at least".
In my experience with government, 2.5 years easily becomes "4 years at least". Maybe that's what the person meant?
Re: Fed announces details of new interbank service to support instant payments
#23I thought (and maybe just my personal conspiracy feeling) that banks lagged on transactions mainly to hold on to the cash longer and get interest. Secondary thought was just poor old technology debt.
Something akin to hearing that payroll at a large company was a batch job dumping a ton of text files to a share or something and the bank slurped them up for direct deposit.
Re: Fed announces details of new interbank service to support instant payments
#24Nearly all first world countries enjoy instant payments at the point of sale and person to person. It boggles my mind that it has taken this long and a pandemic to even set the gears in motion, all while battling ridiculous levels of cheque and credit card fraud.
Re: Fed announces details of new interbank service to support instant payments
#25> The rapid expenditure of COVID emergency relief payments highlighted the critical importance of having a resilient instant payments infrastructure with nationwide reach, especially for households and small businesses with cash flow constraints," The main issue with releasing cash as I understand it wasn’t that it wasn’t arriving fast enough; rather it was verifying the recipient was eligible and was who they say th…
ACH could still be expedited even with the need to verifying identity. Technically it only need to demonstrate that the identity of receiver and the identity of the referred bank account are consistent, a national id won't be necessary. Fed is not technically a branch of the government.
The fed is absolutely an agency of the us government: https://www.federalreserve.gov/faqs/about_14986.htm
>The Federal Reserve System is not "owned" by anyone. The Federal Reserve was created in 1913 by the Federal Reserve Act to serve as the nation's central bank. The Board of Governors in Washington, D.C., is an agency of the federal government and reports to and is directly accountable to the Congress.
Re: Fed announces details of new interbank service to support instant payments
#26Earlier quoted context omitted.
Real ID is very worrying and I’m hopeful that it eventually goes away as it keeps getting delayed.
I just cannot understand how you guys accept bad cops, bad healthcare, bad employment rights, bad social mobility, bad education and bad banks, but apparently national id is where you draw the line. Why didn't you draw the line before all this other stuff that is far behind much of Europe? ------ can't reply directly to the GDP comment as some cry baby has flagged my post and then a free speech loving mod has shadow-…
Well, are we supposed to not resist this bad thing because there are other, worse things? That seems less than helpful.
Re: Fed announces details of new interbank service to support instant payments
#27Nearly all first world countries enjoy instant payments at the point of sale and person to person. It boggles my mind that it has taken this long and a pandemic to even set the gears in motion, all while battling ridiculous levels of cheque and credit card fraud.
Not to mention potentially malicious rent-seeking third parties inserted and selling financial info.
Re: Fed announces details of new interbank service to support instant payments
#28Earlier quoted context omitted.
ACH could still be expedited even with the need to verifying identity. Technically it only need to demonstrate that the identity of receiver and the identity of the referred bank account are consistent, a national id won't be necessary. Fed is not technically a branch of the government.
The fed is absolutely an agency of the us government: https://www.federalreserve.gov/faqs/about_14986.htm >The Federal Reserve System is not "owned" by anyone. The Federal Reserve was created in 1913 by the Federal Reserve Act to serve as the nation's central bank. The Board of Governors in Washington, D.C., is an agency of the federal government and reports to and is directly accountable to the Congress.
> fed is absolutely an agency of the us government
It’s absolutely not a government agency but also absolutely not privately owned. It’s best thought of as a non-governmental entity that is strongly influenced—and sanctioned—by the government, but does not operate underneath it.
This is why e.g. the Fed and Treasury negotiated how losses fell from the Main Street lending program. And if you visit a Fed, one of the first things their employees like to point out is that they’re NOT federal employees.
Re: Fed announces details of new interbank service to support instant payments
#29How come the US -- the biggest economy in the world, and home of the most sophisticated banking sector on the planet -- is still not equipped with such a system? Are banks resisting it and if yes, why would they?
Special interests like it that way.
Re: Fed announces details of new interbank service to support instant payments
#30Earlier quoted context omitted.
Just to be pedantic, 2023 is less than 2½ years away, so not "4 years at least".
In my experience with government, 2.5 years easily becomes "4 years at least". Maybe that's what the person meant?
Maybe, but it's a moot point since I was being pedantic.
Also it's usually not a problem with the government that causes the delay, rather the lowest bidder that they award the tender to.