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Fed’s new instant payment system could be trouble for PayPal, Venmo(arstechnica.com)

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Fed’s new instant payment system could be trouble for PayPal, Venmo::The Fed’s goal is to connect 9,000 financial institutions nationwide.

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Whirlybird@aussie.zone
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Here in the US it’s only instant if it’s coming out of your account.

If it’s coming out of the bank’s account

Can you please explain the difference here, because that doesn’t make sense to me. When am I ever transferring money out of the banks account instead of mine?

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abort_christian_babies@lemmy.world
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Whirlybird@aussie.zone
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Ah ok, all good. I guess it’s showing how bad the state of affairs is with payments in the USA when I had to ask that question haha.

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