this post was submitted on 24 Jul 2023
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Fed’s new instant payment system could be trouble for PayPal, Venmo (arstechnica.com)
submitted 1 year ago by L4s to c/technology
70 comments fedilink hide all child comments
 

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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[–] Slowy 7 points 1 year ago (2 children)

For real, we’ve had e-transfer forever…

[–] [email protected] 6 points 1 year ago

We had bank to bank and bank to merchant over the internet in 1996. And by 2003 the interac e-transfer for customer to customer had rolled out countrywide.

The history is actually pretty impressive.

[–] [email protected] 4 points 1 year ago (1 children)

Wait. US banks don't have e-transfer????

[–] astropenguin5 4 points 1 year ago

Yeah we're in the fucking stone age over here. No federal e-transfer, all private healthcare, practically no public transport besides in some of the bigger cities, and even that isnt very good most of the time. Also still using imperial, way behind on a lot of tech legislation, basically relying on EU rules to carry over. There's a reason we're the 3rd world country of 1st world countries