this post was submitted on 20 Jul 2023
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Isn't ACH a service by the fed? If this is a service for financial institutions, I don't expect them to make it free. I don't see how this changes much except maybe making Zelle obsolete or at least changing the back end of it.
It will likely reduce money transfer fees overall and decrease average processing time dramatically.
Not really. ACH is more of a protocol for non-realtime payments. This is for realtime. While there is a fed ACH the largest ACH provider in the US is The Clearing House LLC. Which, as the name suggests, is a private company.