The U.S. Federal Reserve has launched a long-awaited service which will aim to modernize the country's payment system by eventually allowing everyday Americans to send and receive funds in seconds, 24 hours a day, seven days a week, the central bank announced on Thursday.

Looks like the US is finally catching up to the rest of the world for transferring money

  • PotentiallyAnApricot@beehaw.org
    7·
    11 months ago

    Wait, really? This is a huge deal! Private companies should not have a monopoly on handling payments. They have major issues and garbage privacy. A federal service might not truly fix those problems, but it would ideally be far more accountable and subject to more oversight. Between this and the free tax filing service, I’m starting to feel moderately hopeful about certain things.

    • yenahmik@beehaw.orgOP
      6·
      11 months ago

      It sounds like a platform private companies can use to develop instantaneous peer-to-peer money transfer, as opposed to a true service run by the feds. Either way, the fact that it would allow someone to make a direct payment to another person’s bank account anywhere would be a huge upgrade.

  • can@beehaw.org
    5·
    11 months ago

    As a Canadian I’m surprised to hear it took this long. Is that why everyone uses venmo?