04-07-2023, 08:23 AM
There is so much misinformation about FedNow in this sub. It's just the US version o
<!-- SC_OFF --><div class="md"><p>I get the hate over CBDCs, but FedNow is a separate infrastructure service that can <strong>coexist with crypto</strong>. It's just an instant-payment replacement for ACH, so you will be using it for onramping and offramping to crypto exchanges without having to wait the usual 3-business days.</p> <p>To get a sense of how it works, you can just look at the UK's Faster Payments Service (FPS), which was launched in 2008 to replace their slow Bankers' Automated Clearing System (BACS). <strong>There have been no authoritarian complaints about it in the past decade.</strong></p> <p>FPS provided monetary transfers within minutes, similar to Zelle, Square Cash, PayPal, Android Pay, Apple Pay, etc. It also works for interbank transfers so people no longer had to wait 3-7 business days for funds to arrive. And it's an optional service. All the other 3rd-party money transfers services still exist.</p> <p>And that's the entire purpose of FedNow. It's a payments infrastructure system that's just a faster version of ACH. With FedNow, you no longer have to wait for funds to clear in 3-business days.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/CherishedHamster"> /u/CherishedHamster </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/12dqc1w/there_is_so_much_misinformation_about_fednow_in/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/12dqc1w/there_is_so_much_misinformation_about_fednow_in/">[comments]</a></span>
<!-- SC_OFF --><div class="md"><p>I get the hate over CBDCs, but FedNow is a separate infrastructure service that can <strong>coexist with crypto</strong>. It's just an instant-payment replacement for ACH, so you will be using it for onramping and offramping to crypto exchanges without having to wait the usual 3-business days.</p> <p>To get a sense of how it works, you can just look at the UK's Faster Payments Service (FPS), which was launched in 2008 to replace their slow Bankers' Automated Clearing System (BACS). <strong>There have been no authoritarian complaints about it in the past decade.</strong></p> <p>FPS provided monetary transfers within minutes, similar to Zelle, Square Cash, PayPal, Android Pay, Apple Pay, etc. It also works for interbank transfers so people no longer had to wait 3-7 business days for funds to arrive. And it's an optional service. All the other 3rd-party money transfers services still exist.</p> <p>And that's the entire purpose of FedNow. It's a payments infrastructure system that's just a faster version of ACH. With FedNow, you no longer have to wait for funds to clear in 3-business days.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/CherishedHamster"> /u/CherishedHamster </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/12dqc1w/there_is_so_much_misinformation_about_fednow_in/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/12dqc1w/there_is_so_much_misinformation_about_fednow_in/">[comments]</a></span>