notadoc (@notadoc)

Fed’s new instant payment system could be trouble for PayPal, Venmo EXCERPT: Yesterday, the US Federal Reserve officially launched FedNow, a new system rolled out to 35 early-adopting banks and credit unions for processing instant payments between financial institutions. The Fed's goal is to eventually connect more than 9,000 banks and credit unions nationwide, tossing out the old payments system and supporting faster payment processing between all US institutions. https://arstechnica.com/tech-policy/2023/07/banks-serving-as-guinea-pigs-for-federal-reserves-instant-payments-system/