The Federal Reserve has already launched a small test of near-instantaneous financial transactions. Every time they talk about payments as a future feature of X/Twitter, I wonder if they know that’s getting Sherlocked.
The Federal Reserve has already launched a small test of near-instantaneous financial transactions. Every time they talk about payments as a future feature of X/Twitter, I wonder if they know that’s getting Sherlocked.
It launched at a few banks a couple of days ago. https://techcrunch.com/2023/07/21/fednow-is-finally-live-in-the-us/
So, I guess it’s in late beta stage where a limited private beta will happen for a bit and then we’ll see how it goes.
It’d honestly be great for small businesses and workers. No more waiting multiple days for a payment to clear and money to become available.
It’s also great for splitting checks at restaurants, paying for odd jobs, and paying street vendors. Many countries already have instant payments, so it would be nice if it caught on in the US, but you never know — lots of nice things don’t catch on in the US for one reason or another.
Money. The reason is money.