Payments over FedNow are required to settle within 8 seconds of the receiving FI being notified of the transaction. Launching next year, FedNow is positioned to replace ACH and wires and do most of the things that folks want lightning network / L2 / Zelle / Ripple and other RTP solutions to do, but for the entire USD-denominated market.
FedNow also replaces ACH debit origination and its Good Funds Period with a Request to Pay architecture that IMO is far safer and has fewer edge cases and lacks the hilarious infinite loop in ACH debit exception handling.
So, yeah, good question, sorry you're being downvoted.
FedNow also replaces ACH debit origination and its Good Funds Period with a Request to Pay architecture that IMO is far safer and has fewer edge cases and lacks the hilarious infinite loop in ACH debit exception handling.
So, yeah, good question, sorry you're being downvoted.