Does Elon Musk (or CEO Linda) know about FedNow? (www.cnbc.com)

submitted 1 year ago* (last edited 1 year ago) by ShittyBeatlesFCPres@lemmy.world to c/technology@lemmy.world

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The Federal Reserve has already launched a small test of near-instantaneous financial transactions. Every time they talk about payments as a future feature of X/Twitter, I wonder if they know that’s getting Sherlocked.

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[-] DocMcStuffin@lemmy.world 9 points 1 year ago

Depends on how you look at it. According to the article, FedNow is more expensive than automatic clearing house. 4 cents vs half a cent. But if FedNow is competing with Venmo and Paypal, they charge a lot more than the Fed's $0.04. That's also cheaper than what the credit card companies charge businesses.

this post was submitted on 23 Jul 2023

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