I wonder if the Fed upgrade will do anything. I do think that the instant settlement will make things a lot easier but will the banks really provide instant settlements? I don't think they will because they like to charge extra for people to send money faster.
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They will be required to. Do not forget, the banks operate under the Fed system. They can, of course, opt out of Fedwire but then they run the risk of losing customers who do business elsewhere.
It is like commission on stock trades. Wall Street firms raked in a ton of cash for decades. Now they give the service away.
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