[msravi]

Of all the articles on the instant payment service, this one is simultaneously the most honest and hilarious (https://www.wsj.com/articles/banks-newest-fed-headache-nonst...)

> FedNow could destabilize banks’ reliance on customer cash, fanning the flames of deposit flight

> In addition to losing revenue from the time between a payment’s initiation and settlement, banks now have to worry about deposit flight outside of business hours.

> The system isn’t expected to be ubiquitous in the U.S. for a few years.

> ...customer deposits were sticky ...That assumption allowed bankers to comfortably borrow cash at low rates and lend for long periods at higher rates.

> But instantaneous transactions allow customers to pull cash with ease, and without notice. That threatens smaller banks...

Meanwhile, the rest of the world, including countries traditionally referred to as "third-world countries," have leapfrogged the US and provide instant payment and settlement without crying about the loss of revenue from the time between initiation and settlement, or a run on their banks.

[greatgib]

The funniest thing is when you see that you have multi thousand of billon of dollar sized banks, that are unable to pay agents to be able to process payments on week ends...