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.
Tech Crunch’s recent article indicates it may be costly. https://techcrunch.com/2023/07/23/fednow-may-finally-be-live-but-will-it-be-too-costly-for-businesses-to-adopt/
Depends on how you look at it. According to the article, FedNow is more expensive than automatic clearing house. 4 cents vs half a cent. But if FedNow is competing with Venmo and Paypal, they charge a lot more than the Fed’s $0.04. That’s also cheaper than what the credit card companies charge businesses.
The banks might choose to make it costly. The fed charges 4 cents per transaction. Ultimately, if your bank charges 25 cents and my bank charges 4 cents, I’ll just decline to use your bank for FedNow