Email a copy of 'Federal Reserve Plans New Service for Faster Payments' to a friend
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Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). She is a member of the Online News Association (Sep 2005 - present) and Investigative Reporters and Editors (Mar 2006 - present). Follow her on Twitter at @ecommercebytes and send news tips to ina@ecommercebytes.com. See disclosure at EcommerceBytes.com/disclosure/.
So, is this something we can use like PayPal or will it only be available via a bank account?
No, it’s not a service for end-users. The Federal Reserve, which does the clearing and settling when money moves from accounts in one bank to another, is promising to do it faster.
When a marketplace like Etsy (and soon eBay) disburses funds into your bank account, it takes a few days for it to show up in your account. I would think today’s announcement means it would show up faster.
Ahhh…awesome! Thank you for the clarification. I was thinking it was kind of funny that they would be creating something like PayPal because it’s in direct competition with the free market. I guess that should have been my first clue, huh? Hahaha!
2023 or 2024 ?
Why prolong our Agony ?
Just waited a WEEK for funds to hit my investment base…..
UNACCEPTABLE.
They’ll bid it out to Accenture, fill the staff with H1Bs that don’t know what math is, and billions of dollars later we’ll be begging to go back to paper checks.