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How banks and businesses can prep for the FedNow instant-payment system (www.computerworld.com)

submitted 1 year ago by [email protected] to c/[email protected]

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FedNow will be the first of its kind central bank instant payment system in the US and could revolutionize how businesses and consumers pay and receive money. But not everyone is prepared for it.

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[–] [email protected] 6 points 1 year ago (1 children)

So is this any different than e-transfer? I haven't paid any fees or anything sending money via e-transfer to friends or businesses since it started in Canada. It's not 10 seconds but it's less than 3 minutes usually.

[–] [email protected] 2 points 1 year ago

Imagine if e-transfer applied to bill payments through your bank, that's kind of how this operates. Imagine if every bill payment, wire transfer, ACH, etc. moved instantly, that's what's being proposed here.

Meanwhile in Canada we still operate on a batch processing system where everything runs between midnight and 5 AM eastern, and our financial system upgrades to a more immediate system continue to get pushed back.