Interesting concept that the U.S. is starting to lag behind on. I don’t see a lot of value added, though. Nearly instant payment settlements would, what, reduce credit risk and increase overall efficiency by a few basis points? Is that not offset by adverse impacts to financial intermediaries though? Payment systems like Zelle and Venmo would get crushed, and the banks / fintechs probably wouldn’t like that very much.
There’s a lot of talk about how it would benefit the unbanked / underbanked communities, but no one ever really fleshes that out. I’m starting to think it’s a bogus talking point to get public support against the banking lobby.