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by tjbiddle 757 days ago
They likely meant the ACH is 2 business days.
1 comments
toomuchtodo 757 days 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/organi...

https://www.frbservices.org/resources/fees/fednow-2024

https://www.frbservices.org/binaries/content/assets/crsocms/...

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internetter 757 days ago
> Stripe could choose to support FedNow

But then they wouldn't be able to charge more fees

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toomuchtodo 757 days ago
Indeed, that was where the comment was leading.
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tiffanyh 757 days 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)

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toomuchtodo 757 days 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.
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silisili 757 days 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.
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