this post was submitted on 23 Jul 2023
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Many countries, including those in the developing world, have had instant payments systems for years. They're very convenient, especially those that provide an "overlay" service (usually coming with a standardized app) that allows sending money to registered phone numbers, without dealing with bank account numbers.
Characteristically, the US version of instant payments seems half-assed. It's initially supported by only 35 banks (not including Citi and Bank of America). And it apparently does not provide a standardized overlay service. Many big financial stakeholders, including the credit card companies, no doubt view it as a threat and would be very happy if it does not catch on.
It’s honestly amazing how quickly a lot of developing countries have embraced this stuff. Hell, even roadside hawkers in a country like India accept instant bank transfers. It’s ridiculous that the US is so far behind.
No, because corporations like PayPal and Meta lobby against it. They got it don't worry about it.
/s
Yes, writing this from Western Europe Americans not being able to wire each other money instantly is so confusing.
As far as an overlay service goes, Zelle basically fills that niche, and it's increasing in popularity. I think FedNow is more for larger payments.
Zelle still takes a few days to complete transfers in my experience
It is hard to get away with the crimes the bankers and other big finance entities have grown accustomed to committing as a part of their day to day business with instant resolution. Read up on failing to deliver, or as entities like Citadel like to term it, “sold, not yet purchased", like they did to the tune of 60B dollars.
It is like selling someone a house that you don't own and may not even really exist. They can do this because they have a time period in which they have some leeway before they have to deliver the “deed" so to speak. It goes deeper than that but that is a simplified high level overview of the scam.
Simply put, the stock market is all fake and nothing is valued appropriately because price discovery us impossible with naked shorting and the use of OTC and dark pools.