Comment by chimeracoder

3 years ago

> Kinda sad to see that Stripe was not on the list of early adopters but I'm sure they will implement it soon.

Given Stripe's role in the system, it doesn't make sense for them to support it until there's sufficient support from the banks as well. Until banks support it, it doesn't matter if Stripe (or any payment platform) does, because the users won't see any benefit.

> Driving the news: "We're tracking it closely," President of Product and Business Will Gaybrick says, noting the company is not actively working on anything related to FedNow. "I really do think real-time payments are going to be a big deal."

> "As I understand FedNow, there isn't yet a mandate, so banks don't have to implement it," he added. "For things to completely change the landscape of payments, you need universal coverage."

> If, for instance, only 30% of banks support FedNow, then it's unlikely to become a priority for merchants to adopt the system.

https://www.axios.com/pro/fintech-deals/2023/06/14/fednow-st...

> The Financial Technology Association, which represents fintechs including Block, Marqeta, Stripe and Wise, among others, is urging the Fed to make direct access to the new faster payments system, called FedNow, more widely available so fintechs can tap the new service without going through banks.

> Generally, only licensed banks have access to the Fed’s master accounts, giving them clearance to use FedNow’s faster payments system when it’s available, but nonbank fintechs argue it’s shortsighted to exclude them from the same direct access to the new public system. While there is also The Clearing House’s rival RTP Network, the new FedNow system may provide more cost-effective services.