Fed announces details of new interbank service to support instant payments
1–10 of 431 posts
Re: Fed announces details of new interbank service to support instant payments
#2Are wires about to get cheaper?
Re: Fed announces details of new interbank service to support instant payments
#3Does anything actually exist yet, is this just a notice of intent?
Re: Fed announces details of new interbank service to support instant payments
#4Are wires about to get cheaper?
This likely replaces (most) domestic wires, checks, ACH transfers, and other legacy funds transfer mechanisms.
https://www.federalreserve.gov/newsevents/pressreleases/file...
Re: Fed announces details of new interbank service to support instant payments
#5Does anything actually exist yet, is this just a notice of intent?
>>> 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.
Re: Fed announces details of new interbank service to support instant payments
#6Does anything actually exist yet, is this just a notice of intent?
> 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.
Sounds like it's just a notice of intent.
Re: Fed announces details of new interbank service to support instant payments
#7> 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...
Re: Fed announces details of new interbank service to support instant payments
#8Will this be anything like SEPA and the easy, cheap, fast, ubiquitous interbank transfers allowed in Europe?
Re: Fed announces details of new interbank service to support instant payments
#9>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 they were.
The only way to solve that as I see it is with a national ID which I am more against the more I hear about the abuses that both democrats and republicans do with what little power they have to identify political enemies.
Obviously ACH could be faster but when it comes to getting gov money back I just don’t see how the 2 extra days was the issue.
Re: Fed announces details of new interbank service to support instant payments
#10Are wires about to get cheaper?
This likely replaces (most) domestic wires, checks, ACH transfers, and other legacy funds transfer mechanisms. https://www.federalreserve.gov/newsevents/pressreleases/file...
We will still need banks’ mobile apps to support this kind of transfer (FedNow).
Considering that I’ve never been able to do wire transfers by mobile app with two major US banks (but Zelle transfer by mobile app? Of course!), I’m not confident this will replace Zelle, Venmo, etc for some time.
Sure, in 10 years or so... but don’t hold your breath.