this post was submitted on 24 Jul 2023
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299
Fed’s new instant payment system could be trouble for PayPal, Venmo (arstechnica.com)
submitted 1 year ago by [email protected] to c/[email protected]
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Fed’s new instant payment system could be trouble for PayPal, Venmo::The Fed's goal is to connect 9,000 financial institutions nationwide.

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[–] [email protected] 7 points 1 year ago (1 children)

Here in the US it’s only instant if it’s coming out of your account.

If it’s coming out of the bank’s account

Can you please explain the difference here, because that doesn't make sense to me. When am I ever transferring money out of the banks account instead of mine?