FedNow just recently launched. Takes time for all the tubes to get plumbed up (Central Bank<->Banks, FIs<->Financial Service Consumers).
TLDR 1 cent to request payment, 5 cents to move value, can move $100k at once (initial limit), can move up to $500k if your provider supports it. 20 second settlement SLA 24/7/365.
https://archive.today/KSnXc
Walmart FedNow instant payment public comments: https://www.federalreserve.gov/SECRS/2019/December/20191227/... [pdf; 2019]
There has to be some sort of downside to this, right? Otherwise, wouldn't everyone be doing this?
FedNow just recently launched. Takes time for all the tubes to get plumbed up (Central Bank<->Banks, FIs<->Financial Service Consumers).
TLDR 1 cent to request payment, 5 cents to move value, can move $100k at once (initial limit), can move up to $500k if your provider supports it. 20 second settlement SLA 24/7/365.
FedNow Is Live - https://news.ycombinator.com/item?id=36801491 - July 2023 (1022 comments)
https://www.frbservices.org/financial-services/fednow/organi... ("FedNow Service Participants and Service Providers")
Change can happen fast: https://www.reuters.com/business/finance/brazils-pix-overtak... ("Brazil's Pix to overtake credit cards in e-commerce as soon as 2025, study shows") (my note: Pix is Brazil's instant payment version of FedNow, launched in 2020)