[jabroni_salad]

This technically exists but can you actually use it? It seems like there are no articles about it in the 2024 calendar year.

I remember reading a really nice screed from walmart last year pushing the fed to turn the screws on rent seekers, but without RFP and ubiquitous participation that isnt going to come about.

bit of a conspiracy here but IMO banks have been observing the fraud rates with zelle, venmo, etc and only tolerating it because an external party gets to be the bogeyman.

[toomuchtodo]

In cases of unauthorized Zelle payments, consumers have legal rights and protections under the Electronic Funds Transfer Act (also known as "Reg E”). This also applies to FedNow instant payments, which has fraud management services available and includes a closed loop reporting requirement.

You should expect to see instant payment functionality that runs on FedNow rails within banking apps in the next 6-12 months. I cannot share more detail publicly unfortunately, my apologies.

(contribute at a fintech, thoughts and opinions always my own)

[FireBeyond]

One of the bigger product goals for Zelle, I thought (though perhaps not the most publicized), was "moving liability away from banks more to consumers" (not exclusively, but moreso), I thought? I believe there had even been leaked internal presentations on that liability reduction.

[bobthepanda]

Most financial technologies take years if not decades to fully propagate through the system.

Contactless cards in the US for example, first rolled out in 2007.