FedNow - how do you all feel about it?
FedNow - how do you all feel about it?
FedNow appears to be launching July 23, 2023. To me, it doesn't seem very good in the sense that the Fed now gets to be a middle man to payment transactions (sure it's "instant" but we're all aware that security != convenience).
It's also a "centralized" solution.
It could be a stepping stone to a centralized digital bank currency is my fear. And also the fed will now be able to see/monitor all transactions through it.
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The fed is already middle man in ACH, but it won't be all transactions anyway. The Swift network is a thing, and credit cards are separate payment processing networks. Overall I expect it is a long overdue upgrade to what ACH does, and should reduce the market for services like zelle/QuickPay/Venmo