
The Fed says it will build a Real-Time interbank payments system - edward
https://www.economist.com/finance-and-economics/2019/08/10/the-fed-says-it-will-build-a-real-time-interbank-payments-system
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groundlogic
Welcome to the 21st century, America!

Jokes aside, I'm still amazed every time my monthly consulting fee arrives
from Taiwan into my Swedish corporate banking account more or less instantly.

This must surely be the same for e.g. Taiwan to US? Is it just US to US that
is so slow?

~~~
allana
ACH is slow and inaccessible to most consumers for P2P payments, debit
networks cost real money to use in the USA, and alternatives like Zelle are
patchy in support among banks and have low sending limits.

The USA has tons of banks and credit unions. Many small towns will have a bank
that only has one or two branches, yet has their own full IT infrastructure.

These small banks barely have websites, let alone comprehensive online
banking. The most technically advanced thing these types of banks do is
integrate with the Co-op ATM network for withdrawls and deposits.

US payment infrastructure is ossified badly, and desparately needs reform.

