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This seems to be changing. Nacha (the organization that governs ACH) has been developing open APIs so that more organizations can get access to the ACH network without any dirty hacks. I would expect to see a rise in the number of personal finance applications over the next few years due to this fact.

https://www.nacha.org/content/available-apis https://www.nacha.org/content/phixius

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The problem is that Nacha is building these APIs on top of ACH. There needs to be a universal realtime payment and account-validation network, not a file FTP'd to the Fed that's sent out three times a day.

Take a look at FedNow which is aiming to offer a 24/7/365 instant payment service for all US banks by 2023-24. (I would realistically expect 2028-30 for it to go online) This is being worked on, but everything moves at a glacial pace.

FedNow is a while away. RTP (Real-time payments) from the The Clearing House is already doing it. They have appx half the DDAs (bank accounts) in the US covered. Another year or two they will have 80-90% Also Push to Card and VISA/MC Debit are real-time payment systems i.e. 7x24x365 where you can pull or push money to the bank account linked to the VISA/MC branded ATM card

Bottom line: Fednow may be too little too late

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