Absolutely unnecessary solutions. The US Treasury is already plugged into FedNow to provide federal tax refunds instantly (20 second SLA) to demand deposit accounts. If someone is unbanked, bank them. There is no credit risk with instant payments; simply don’t allow overdrafts or otherwise extend credit on a deposit account. Don’t allow check deposits (see: check fraud at ATMs and mobile deposits with float).<p>If banks refuse FedNow support, make it a condition of their bank charter.<p><a href="https://www.frbservices.org/financial-services/fednow/organizations" rel="nofollow">https://www.frbservices.org/financial-services/fednow/organi...</a><p><a href="https://www.brookings.edu/articles/petition-to-bank-regulators-for-faster-payment-processing/" rel="nofollow">https://www.brookings.edu/articles/petition-to-bank-regulato...</a><p><a href="https://www.fdic.gov/household-survey" rel="nofollow">https://www.fdic.gov/household-survey</a>