FedNow is live
By Bo Brustkern
Officials at the Fed have been discussing a real-time payment system for a decade, and work finally began in 2019. Yesterday it went live with 35 banks and credit unions.?
This is important because America’s financial rails are 50 years old, and while you may think CashApp is fast, it doesn’t actually settle accounts in minutes… it still takes days. FedNow fixes that, and raises the Fed’s capabilities to?match?the National Bank of Rwanda circa 2011.
FedNow has some of the benefits of well-established blockchain networks like Bitcoin and Ethereum, yet expressly lacks decentralization and composability. That is, it is missing some of the most innovative monetary and financial advancements we’ve seen in the history of money.?
FedNow just, sort of, settles faster.?
Woot.
FEATURED
www.americanbanker.com, Officials at the Fed have been discussing a real-time payment system for a decade, and work finally began in 2019. Yesterday it went live with 35 banks and credit unions.?
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