[Dnguyen]

Is this an attempt to collect taxes on business transactions that currently some are not being reporting with Venmo, etc.?

[toomuchtodo]

It’s instant payment infra that can replace ACH, some wire volume, and some credit card volume. You can move up to $100k in value for pennies (but probably free, depending on your financial services provider).

Think Zelle for every US demand deposit account, with the network run by the US Federal Reserve. No more need for Venmo, Cash App, PayPal, etc.

[sidewndr46]

Nothing about "FedNow" is targeted at individuals. It's for financial institutions.

[kranke155]

Im in Brazil and they already have this. Pretty incredible how long its taken to make its way to the US.