[simfree]

Zelle works well enough for doing small (eg: only a few thousand dollars or less) instant transfers for free, and ACH works well enough for large transfers.

Our banking ecosystem is extremely fragmented with thousands of small banks and credit unions, we aren't like Canada where the 5 largest banks control nearly the entire market and can change things relatively quickly.

[leokennis]

As a counterpoint, there are nearly 4,000 banks operating in the Eurozone. In 2017 a scheme was mandated by the European Central Bank for Instant Payments (actual funds moved between banks within 20 seconds) which currently most banks support, all banks can receive and which by October this year all banks must be able to send out.

It is possible in the US. But somehow it's not happening.

[sofixa]

Don't forget that Instant Payments are free.

[elric]

Terms and conditions apply there.

[sofixa]

Like what?

[elric]

Not every bank supports it yet, and it's not always free. Some offer a limited number of free instant payments. One of my banks charged 1eur per instant payment up until recently. I understand the situation is improving, however.

[sofixa]

> One of my banks charged 1eur per instant payment up until recently

Illegal since 1 January, which is why they stopped. Hence why I'm saying it's free.

As for not all banks supporting it, if I'm not mistaken it will be mandatory by the end of the year, and the majority already do.