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GeneralRetreat ,

Wait… why doesn’t the USA have a system like this already?

I always found cryptobro preaching about instant cash transfers perplexing, but this explains a lot.

ericjmorey ,

Financial institutions have been happy with the fees generated by not having this system in place. And the Fed is explicitly not allowed to compete with its member banks.

JillyB ,

Isn’t ACH a service by the fed? If this is a service for financial institutions, I don’t expect them to make it free. I don’t see how this changes much except maybe making Zelle obsolete or at least changing the back end of it.

ericjmorey ,

It will likely reduce money transfer fees overall and decrease average processing time dramatically.

UFODivebomb ,

Not really. ACH is more of a protocol for non-realtime payments. This is for realtime. While there is a fed ACH the largest ACH provider in the US is The Clearing House LLC. Which, as the name suggests, is a private company.

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