Replies

In the 80s and 90s I used to fly checks to all the Federal Reserve cities. The entire system switched to digital captures and transmissions to the banks. Mostly Lear Jets with smaller Cesna 206’s and the like making pickups from bank courier at every little airport all around the country. The Federal Reserve ran an entire airline every night. All gone now.

Bank of America can do this now as long as you give them $ or $$ or $$$
Think of it like texting charges from cell phone companies. Does not cost them nearly anything. They make many millions so I suspect they will continue the charging.
BTW the next day or same is not true, it can be longer.
Depends on when you make the request in the day and if a weekend is involved.

Bank of America fees to transfer from your bank to another bank:
Delivery within 3 business days, $3 fee, ACH Transfer, 8 PM ET cutoff time
Delivery on Next business day, $10 fee, ACH Transfer, 8 PM ET cutoff time
Delivery on Same business day, $30 fee, Wire Transfer, Delivery time is shown immediately below. 5 PM ET cutoff time, most often

FedNow has been in development for around a decade and is supposed to allow banks to send payments to each other in real-time, thus allowing bank customers to send real-time payments to each other as well.

So basically it's a cryptocurrency framework/beginnings. Start with banking to gain trust in the system. Then get everyone using it. Then do away with cash and it's official. Digital currency only.

Researching FedNow and most articles tout it as an alternative to FedCoin CBDC but then I found this

FedNow Partners with Cypherium First Crypto Instant Payment Set To Launch 2023

FedNow Service, the United States Federal Reserve’s real-time payment project, is testing out blockchain technology.

Tuesday, the Federal Reserve officially launched the FedNow Service Provider Showcase, providing a range of services to help financial institutions and users implement FedNow Services, which will be available in 2023.

At launch, the showcase includes more than 70 profiles and service providers that support instant payments, including a New York-based blockchain company, focused on instant payment solutions, blockchain interoperability and central bank digital currencies (CBDC). The platform is known for being involved in Chinese blockchain projects, including cooperation with Suzhou City Municipal for the city’s development of blockchain Infrastructure.

“We are the only blockchain company selected so far,” Cypherium CEO Sky Guo told Cointelegraph, adding that consumers will be able to use Cypherium’s digital wallet or blockchain technology as part of the FedNow payment project. He also noted that Cypherium’s technology will also enable interoperability with other payment solutions:

Suzhou, alternately romanized as Soochow, is a major prefecture level city in southern Jiangsu province, East China, – and outer suburbs of the two global hubs meet. It is a major economic center and focal point of trade and commerce.

And away we go. Don't forget to try the Moo shu pork