Settlement between banks in the United States is astoundingly complicated, for (fascinating, terrifying) historical reasons. FedNow is a huge step towards fixing holes that private companies have been papering over for over two decades.
Blatant self promotion: for anybody interested in learning more about the Automated Clearing House system (which FedNow will eventually supplement) and interbank settlement in general, I wrote a summary of much of it here: https://blog.yossarian.net/2019/12/25/A-shallow-dive-into-th...
Blatant self promotion: for anybody interested in learning more about the Automated Clearing House system (which FedNow will eventually supplement) and interbank settlement in general, I wrote a summary of much of it here: https://blog.yossarian.net/2019/12/25/A-shallow-dive-into-th...