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Thanks, just learned about this in the states:

https://www.federalreserve.gov/paymentsystems/fednow_about.h...

It’s a shame that it isn’t used.

I just learned about this. Looks like this system is only available to banks, and they would have no incentive to break the old system by being quick to implement this. If the Federal Reserve provided this directly to individuals, then we'd have a lot of new payment apps that bypasses the middle network (that would be a paradigm shift).

This was a whole controversy in Brazil. There was a conspiracy theory that the banks wanted to sabotage the Pix rollout because they would lose out on the fees for using the old transaction systems. In any case, there is a lot more money circulating through the banks now.

The point about Pix, it's that Central Bank made it mandatory to all banks with over 500k clients if I recall (smaller banks already wanted of course).

Besides the branding (which tbh it's a big deal), also made guidelines requirements on how the banks needed to implement. Exactly so they couldn't hide or made it worse to use.

It is brand new, released in 2023. It is a backend protocol, it requires every bank to implement the protocol. And there are some big changes compared to ACH, like having to present requests to the user. Or how to deal with reversals.

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