this post was submitted on 06 Jul 2023
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71
How banks and businesses can prep for the FedNow instant-payment system (www.computerworld.com)
submitted 2 years ago by PopBobert@lemmy.world to c/technology@lemmy.world
16 comments fedilink hide all child comments
 

FedNow will be the first of its kind central bank instant payment system in the US and could revolutionize how businesses and consumers pay and receive money. But not everyone is prepared for it.

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[–] just_some_guy@lemmy.world 9 points 2 years ago* (last edited 2 years ago) (2 children)

I had no idea this was happening. Is this going to eliminate the need for Zelle and Venmo? Or is this more like I can send money from my bank to my credit union in an instant?

[–] Pons_Aelius@kbin.social 2 points 2 years ago* (last edited 2 years ago)

If it is similar to the Aus set up, yes.

Aus banks have instant (under 30 seconds) transfers directly from your banking/website app to any account held by any financial institution (bank, credit union etc) in Australia for about a decade.

Third party pay apps like Venmo never took off there because the banks' solution was available to everyone, and it is easier, faster and free of charge.

[–] pineapplelover@lemm.ee 2 points 2 years ago

I hope it's the first one