An update on the Federal Reserve’s Instant Payments Service
Fed is moving so slowly compared to China or India. Going to be left in the dust soon.<p>They need to open settlements up to everyone not just &quot;financial institutions&quot;. Fed deposit accounts for everyone or Interest bearing CBDCs should be rolled out to every one. The fucking banks need to be disintermediated from all transaction involving Depositors. Convert them to pure lenders.<p>If the goal is to &quot;improve settlement efficiency without introducing liquidity or credit risks&quot; then provide a path to get the dumb sender and receiver banks out of the loop in every dumb transaction.<p>If I want to send my grandma cash, why do 2 banks have to be sitting in the middle? It&#x27;s 2023 get those fuckers out of the loop. So when the next bank collapses due to &quot;credit and liquidity risks&quot; they haven&#x27;t thought about why should grandma worry about her savings?