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.

  • Whirlybird@aussie.zoneEnglish
    2·
    1 year ago

    Thank you for this, because as an Australian I was quite confused. We have had “instant” payment systems for as long as I can remember between banks. The US banking and payment system seems stuck in the dark ages.

    This didn’t kill things like PayPal though, they’re completely different services.