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Fed’s new instant payment system could be trouble for PayPal, Venmo (arstechnica.com)
submitted 3 years ago by [M, B] to c/technology@lemmy.world
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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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[–] 7 points 3 years ago (2 children)

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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