Comment by AnthonyMouse
4 hours ago
This is fundamentally looking at it the wrong way.
Why do we need my bank to send money to your bank via Visa or the Federal Reserve or any such thing, instead of having my bank send money directly to your bank? All they need to do is both support the same openly specified protocol for transferring money.
Listen to the Visa episode of The Acquired Podcast, and you'll change your mind.
We used to call those checks!
That's what Brazilian pix does and the reason visa/Mastercard and the US government want to kill it