While Twitter is awash with naysayers and confusion about whether the real-time payments network is actually a CBDC (it is not), there’s a flurry of excitement from fintech leaders. Finally, the Fed is doing something substantial to bring the payments and banking system into the 21st century.
Sure to impact traditional finance and fintechs alike, people are bracing for a wave of innovation, taking advantage of the increased speed and access while trying to protect consumers from potentially increased fraud rates.
It’s not the first of its kind in the U.S. (shout out to The Clearing House and Zelle), but hopes are high for adoption.
Watch this space because we could witness the beginning of a new dawn in U.S. payments.
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Isabelle is a journalist for Fintech Nexus News and leads the Fintech Coffee Break podcast.
Isabelle's interest in fintech comes from a yearning to understand society's rapid digitalization and its potential, a topic she has often addressed during her academic pursuits and journalistic career.