[Scoundreller]

System-wide Innovation is a lot easier when one’s country has a handful of banks. USA has ~4500 banks, 12x the #2 country, Russia.

https://www.helgilibrary.com/charts/what-country-has-the-mos...

[gdy]

In Russia money transfers are mostly instant. What stops american banks from using new software and new payment protocols?

[astrange]

There are instant transfers (Zelle, wire transfers, debit cards). There aren't instant transfers with all the same properties as ACH, but later this year there will be.

[gdy]

Interesting. What makes ACH special?