FedNow's move toward intermediary-enabled cross-border payments goes right to the territory XRP has spent years trying to own.
That does not make FedNow the same as XRP, but it does show how fast incumbents absorb useful ideas once the demand is obvious.
If banks can deliver "good enough" cross-border speed inside their own rails, what happens to XRP's payments pitch?
https://cryptoslate.com/the-fed-is-building-competition-for-xrps-core-payments-pitch-into-the-fednow-banking-system/
@g_boccia @williampietri @manux @docpop @Interledger
@dimpase
I'm fine with this kind of govt centralization.
The US has an ACH (automatic clearing house) system where banks have a routing number and then we get account numbers. What I don't get is why we can't modernize this into something like a username/domain to make transferring money like sending an email. then let us build that into apps. also #FedNow is starting up.
do other countries have this? could we have an international system?
credit unions can be cool. we desperately need a decentralized fiat transfer protocol so we can send money as easy as email. instead of using PayPal or Venmo or a credit card, we'd use our own banking apps. #FedNow
$5 FROM [email protected] TO [email protected]
I feel like we have to first make sending fiat (almost maybe) as easy as sending an email or message here, except directly from our banking app. An open protocol and API. Then may a million flowers bloom.
I feel like this kinda exists in other countries but the US is only just beginning with #FedNow.
Decided to check back in on #FedNow and it's live! I wonder how many banks are using it. What is that experience like? Kinda excited.
or if we'd had a better option cause there was an open protocol for fiat bank to bank direct transfer. it would have removed a lot of the interest in crypto too. #FedNow
cc @Interledger
Is capitalism the engine of destruction or the engine of prosperity? On this podcast we talk about the ways capitalism is—or more often isn’t—working in our world today. Hosted by Vanity Fair contributing editor, Bethany McLean and world renowned economics professor Luigi Zingales, we explain how capitalism can go wrong, and what we can do to fix it. Cover photo attributions: https://www.chicagobooth.edu/research/stigler/about/capitalisnt. If you would like to send us feedback, suggestions for guests we should bring on, or connect with Bethany and Luigi, please email: contact at capitalisnt dot com. If you like our show, we'd greatly appreciate you giving us a rating or a review. It helps other listeners find us too.
Michael J Burgess
⚯ Michel de Cryptadamus ⚯
william.maggos