The real American way is to have no government involvement. Arguably no federal reserve.
Banks already created Zelle which works great. Get cash instantly with a phone number. I personally prefer cash but w.e. (Don’t want to be tracked)
Why do I need the government implementing another solution that already exists. Particularly one that has partisan actors at the top of the board. No thanks.
It really depends what you mean about payment clearing. With Zelle you can send someone money in a few seconds. I’ve done transactions up to a couple thousand.
That said it doesn’t “clear” immediately if that’s what you mean. Typically, I can use the funds within 3-5 min, so idk seems pretty darn fast.
Also, not sure if you're aware of the irony of your statement on no government involvement. Zelle originated at Bank of America, JP Morgan Chase, and Wells Fargo in 2011. Three of the largest recipients of bailout funds after the 2008 financial crisis. So, technically, Zelle wouldn't exist without government involvement.
I agree with you Zelle might not exist without government involvement in saving some of the banks involved. That doesn’t mean the government was involved in developing or managing Zelle.
That’d be like saying Tesla is government run because it gets a tax break per vehicle. You could argue Tesla wouldn’t exist without it (probably true), but it doesn’t mean government manages anything