alt Hacker NewsI want to send money between accounts I own in real time. I want to deposit money in brokerage accounts in real time. I want to stop connecting my accounts to services like Wise to make money transfers. I want to pay off a credit card and have that payment clear instantly. FedNow could enable all of this.
Purchases are an afterthought. A system like Brazil's Pix could be rolled out on top of FedNow.
>I want to pay off a credit card and have that payment clear instantly.
Why? At least 2/3 of my cards do same-day ACH (the other is at the same bank, so I can't tell), so the transaction clears in hours. The point of a large credit limit (supposed to be at least 3x normal spend) is so that it doesn't matter anyway.
>FedNow could enable all of this.
Clearing House's RTP has been around since 2017 and it hasn't.