6 ms·

They likely meant the ACH is 2 business days.

• toomuchtodo 2y ago
  Stripe could choose to support FedNow instant payments and push these funds for pennies (up to $100k at a time), assuming the receiving institution hosting the deposit account(s) is set to receive on those rails. They would arrive within 20 seconds, per FedNow’s SLA. Only costs ~$25/month to plug into these rails, plus a few cents per transaction. https://www.frbservices.org/financial-services/fednow/organizations https://www.frbservices.org/financial-services/fednow/organi... https://www.frbservices.org/resources/fees/fednow-2024 https://www.frbservices.org/resources/fees/fednow-2024 https://www.frbservices.org/binaries/content/assets/crsocms/financial-services/fednow/prepare-for-fednow/fednow-service-readiness-guide.pdf https://www.frbservices.org/binaries/content/assets/crsocms/...
  • tiffanyh 2y ago
    Interesting to see from that list that Bank of America, Citigroup, Capital One & PNC missing from the list. Appears they are still lagging in adopting FedNow (while Wells Fargo and US Bank have adopted)
    • deleted 2y ago
      [deleted]
    • toomuchtodo 2y ago
      Congress directed the Fed to create FedNow so the largest commercial banks couldn’t gate smaller regional banks access to real time payments via the private consortium The Clearinghouse (owned by the banks you list). FedNow directly competes with this private network. Think what IRS’ Direct File is to TurboTax, reducing unnecessary economic drag at scale.
    • silisili 2y ago
      Those listed(and many others) support RTP, which came first and accomplished the same thing. They probably see little incentive in adding FedNow any time soon.
  • internetter 2y ago
    > Stripe could choose to support FedNow But then they wouldn't be able to charge more fees
    • toomuchtodo 2y ago
      Indeed, that was where the comment was leading.