FedNow Is Live
I hope it's a success - but I am doubtful in the US payment landscape, as absurd incentives persisted so long:
- C2B payments (everything from cable to insurance) is dominated by credit card payments, as consumers chase rebates/miles/cash back [paid for by the people who don't pay their card in full every months]
- C2C payments, because it was virtually impossible for an average person to pay another bank account to bank account, a whole shadow banking system like Venmo, PayPal, Zelle, CashApp was created.
- B2B could always pay via ACH, doing it in real time for vendor payments has no advantage
- B2C payments, maybe - when you insurance company settle a claim same day (just kidding...).So I hope that the US gets to a place where it is secure and convenient to pay others bank accounts with the balance in your bank account - but I doubt it.