I’m just spitballing, but this is kinda my area, so I’ll say only: b/c of the staggering direct and indirect costs and complexity of such an implementation. Financial Market Infrastructure is no different than *actual* infrastructure. It’s totally unsexy.
One more to add on top of @BrianSchatz’s question: Why is the Federal Reserve lagging behind other countries in implementing a real-time payment system? Why are they taking so long to get this done?https://twitter.com/brianschatz/status/1156577710925389826 …
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Because banks get mad profits from wires and credit card fees. Also they’re terrified of making any changes to their legacy systems.
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Audit the Fed first.
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We need the Fed to upgrade our current outdated payments system
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