Fed’s new instant payment system could be trouble for PayPal, Venmo::The Fed’s goal is to connect 9,000 financial institutions nationwide.

  • @rustyriffs
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    101 year ago

    How long has it been that way? We’ve never had that here in the states…

    • @[email protected]
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      181 year ago

      It’s so normal that I can’t actually remember it ever being any different. Even before the advent of mobile banking it was the same with internet banking. Instant transfers.

    • @jetsetdorito
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      1 year ago

      In the US we have Zelle which is free and instant, but it’s still a third party your bank integrates

    • @abhibeckert
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      1 year ago

      In Australia we’ve had free next business day transfers for as long as I can remember. Decades.

      The transition to transfers that clear in seconds was happened gradually as bottlenecks were removed from the infrastructure one by one. Some transactions were instant a couple decades ago, but it’s only in the last few years that most transactions are instant here.

      These days, Visa/Mastercard are basically the slowest way you can pay someone. It’s still the most commonly used option though, since it has the best fraud protection.

    • @[email protected]
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      11 year ago

      I do this in the States. Maybe you haven’t noticed the option on the bank’s site? Also make sure to use a credit union.