Comment Re:This will never, ever, EVER fly with the banks. (Score 1) 66
Banks have gotten used to the idea that when they transfer money or perform any other form of transaction, they can sit on your value for a few days, earning interest on the "pile up" of payments not yet processed. The Fed giving a payment system guaranteed to be instant? The banks will flip them off so hard they'll probably have to fire the developer's moms before the developers were born. There is ZERO chance they'll give up that precious multi-day interest bonus, even for a lower per-transaction fee. Unless the banks are allowed to charge the customer $x amount extra for a FedNow transaction over a standard transaction. Then expect it come at a cost of around $30 / $100 or something equally ridiculous.
In Brazil there's a payment plataform called PIX and it integrates all banks with instantaneous money transfers and no fee for the users. We use it for everything, ever buying popcorn outside my son's school. It works and it's beautifull.
