FedNow appears to be launching July 23, 2023. To me, it doesn’t seem very good in the sense that the Fed now gets to be a middle man to payment transactions (sure it’s “instant” but we’re all aware that security != convenience).
It’s also a “centralized” solution.
It could be a stepping stone to a centralized digital bank currency is my fear. And also the fed will now be able to see/monitor all transactions through it.
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The fed is already middle man in ACH, but it won’t be all transactions anyway. The Swift network is a thing, and credit cards are separate payment processing networks. Overall I expect it is a long overdue upgrade to what ACH does, and should reduce the market for services like zelle/QuickPay/Venmo