Americans can now ping money to each other, via their existing banks, and settle payments straight away
It is a problem the Federal Reserve is trying to fix with a centralised instant-payments system, which it launched on July 20th. Aptly called FedNow, this will allow Americans to ping money to their compatriots, via their existing financial institutions, and for payments to settle straight away. All told, 35 banks and 16 payment providers have signed up to use the service.
Typically, Americans use different methods for different types of payment: a water bill is paid via bank transfer; $100 owed to a friend is sent through a payment app; a purchase on Amazon is made with a credit card. A single, real-time payments solution should improve the quality of all. Some observers, recalling the banking turmoil this spring, worry that FedNow might destabilise the financial system. A report by Moody’s, a credit-ratings agency, warns that the new scheme could make bank runs more likely by making it easier for depositors to flee. Such worries are likely to prove overblown, however. The current system, where weekends are closed for business, provided little relief to Silicon Valley Bank and others a few months ago.
Belgique Dernières Nouvelles, Belgique Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Singapore is the world leader in selling cultivated meatConcerns about food security underlie Singapore’s push into alternative meat
Lire la suite »
Heidi Klum channels Barbie in the most jaw-dropping cut-out mini dress and sparkly braThe America's Got Talent judge looked as glamorous as ever
Lire la suite »
Netflix's trippy thriller They Cloned Tyrone, explainedThey Cloned Tyrone explained: What's going on in Netflix's trippy thriller?
Lire la suite »