> Yes, it would be easier if we could just trust our banks to offer instant settlement and very low fees, but they don't.

I think everywhere but America has already figured this out.

Instant bank payments are pretty standard everywhere else, even third world countries.

▲

hx833001 6 days ago | parent | next [-]

The US banks just won’t do it across the board unless it is mandated like ACH. Many in the banking system feel comfortable with this FedNow rollout taking many years. It’s ridiculous.

▲

ForHackernews 5 days ago | parent | prev | next [-]

https://en.wikipedia.org/wiki/FedNow does instant settlement in the US.

▲

whimsicalism 5 days ago | parent | prev [-]

not between countries

▲

Yizahi 5 days ago | parent [-]

Last time I paid for something across borders, transaction has completed in less than 10 seconds and I got both updated state in outgoing bank account, and at the receiver side.

	▲	whimsicalism 5 days ago \| parent [-]
		doesn’t work for all countries, transfer limits, have to trust some custodian, etc. etc.