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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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Sawblade@lemmy.world
43 points
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Finally, it’s ridiculous we have to pay fees to a private company just to easily transfer money.

Finger crossed it’ll be compatible with IBAN/SWIFT banking so we can actually be a part of the International community.

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9point6@lemmy.world
10 points

So in the UK we have had a standard free “instant” payment system between banks for what feels like a couple of decades now (and compatibility with the IBAN for at least half that time). Given that, how has this taken so long? What did people do before Venmo?

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kemsat@lemmy.villa-straylight.social
9 points

Yup, as if a ghost showed up and took a quarter for every dollar you gave to someone.

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