Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Fed announces details of new interbank service to support instant payments

federalreserve.gov

Post reply on HN
Print view View original

11–20 of 431 posts

Re: Fed announces details of new interbank service to support instant payments

#11

Post by beaunative »

vxNsr wrote: post #9

> The rapid expenditure of COVID emergency relief payments highlighted the critical importance of having a resilient instant payments infrastructure with nationwide reach, especially for households and small businesses with cash flow constraints," The main issue with releasing cash as I understand it wasn’t that it wasn’t arriving fast enough; rather it was verifying the recipient was eligible and was who they say th…

ACH could still be expedited even with the need to verifying identity. Technically it only need to demonstrate that the identity of receiver and the identity of the referred bank account are consistent, a national id won't be necessary. Fed is not technically a branch of the government.

Re: Fed announces details of new interbank service to support instant payments

#12

Post by Krasnol »

vxNsr wrote: post #9

> The rapid expenditure of COVID emergency relief payments highlighted the critical importance of having a resilient instant payments infrastructure with nationwide reach, especially for households and small businesses with cash flow constraints," The main issue with releasing cash as I understand it wasn’t that it wasn’t arriving fast enough; rather it was verifying the recipient was eligible and was who they say th…

How is a national ID still a thread with all the data on voters which is already out there?

You could have verified voters accounted this way too which would probably raise the amount of voters. You could even establish mail voting properly sending the documents to everybody who's eligible without a need to register.

I don't understand that fear of a national ID in the US. It works in other countries and you have stuff like the Social Security Number too.

Re: Fed announces details of new interbank service to support instant payments

#13

Post by trollied »

We have this in the UK. It's called Faster Payments. https://en.wikipedia.org/wiki/Faster_Payments_Service

Never had a problem with it. I use a few banks that are technically good, and I can send a payment from one to the other & get a push notification a couple of seconds after sending cash from one account to another. It's great!

Re: Fed announces details of new interbank service to support instant payments

#14

Post by gizmo686 »

vxNsr wrote: post #9

> The rapid expenditure of COVID emergency relief payments highlighted the critical importance of having a resilient instant payments infrastructure with nationwide reach, especially for households and small businesses with cash flow constraints," The main issue with releasing cash as I understand it wasn’t that it wasn’t arriving fast enough; rather it was verifying the recipient was eligible and was who they say th…

We already have a national ID. It is called social security, and it is bad at its job because it was explicitly not supposed to be a national ID when it was created.

Re: Fed announces details of new interbank service to support instant payments

#15

Post by pfundstein »

seibelj wrote: post #7

> The target launch date for the service remains 2023 or 2024, with a more specific time frame to be announced after additional work is completed. 4 years away, at least...

Just to be pedantic, 2023 is less than 2½ years away, so not "4 years at least".

Re: Fed announces details of new interbank service to support instant payments

#16

Post by foxfired »

vxNsr wrote: post #9

> The rapid expenditure of COVID emergency relief payments highlighted the critical importance of having a resilient instant payments infrastructure with nationwide reach, especially for households and small businesses with cash flow constraints," The main issue with releasing cash as I understand it wasn’t that it wasn’t arriving fast enough; rather it was verifying the recipient was eligible and was who they say th…

Correct me if I'm wrong, but the Real ID act[1] is a national ID in every way but the name.

[1]: https://www.dhs.gov/xlibrary/assets/real-id-act-text.pdf

Re: Fed announces details of new interbank service to support instant payments

#17

Post by vxNsr »

foxfired wrote: post #16
vxNsr wrote: post #9

> The rapid expenditure of COVID emergency relief payments highlighted the critical importance of having a resilient instant payments infrastructure with nationwide reach, especially for households and small businesses with cash flow constraints," The main issue with releasing cash as I understand it wasn’t that it wasn’t arriving fast enough; rather it was verifying the recipient was eligible and was who they say th…

Correct me if I'm wrong, but the Real ID act[1] is a national ID in every way but the name. [1]: https://www.dhs.gov/xlibrary/assets/real-id-act-text.pdf

Real ID is very worrying and I’m hopeful that it eventually goes away as it keeps getting delayed.

Re: Fed announces details of new interbank service to support instant payments

#18

Post by vxNsr »

gizmo686 wrote: post #14
vxNsr wrote: post #9

> The rapid expenditure of COVID emergency relief payments highlighted the critical importance of having a resilient instant payments infrastructure with nationwide reach, especially for households and small businesses with cash flow constraints," The main issue with releasing cash as I understand it wasn’t that it wasn’t arriving fast enough; rather it was verifying the recipient was eligible and was who they say th…

We already have a national ID. It is called social security, and it is bad at its job because it was explicitly not supposed to be a national ID when it was created.

Right ssn is part of the problem. It’s used as a national I’d despite being terrible for the job. I didn’t wanna make my comment too long, but I have a lot of issues w how SSN is used.

Re: Fed announces details of new interbank service to support instant payments

#20

Post by amiga_500 »

vxNsr wrote: post #17
foxfired wrote: post #16

Earlier quoted context omitted.

Correct me if I'm wrong, but the Real ID act[1] is a national ID in every way but the name. [1]: https://www.dhs.gov/xlibrary/assets/real-id-act-text.pdf

Real ID is very worrying and I’m hopeful that it eventually goes away as it keeps getting delayed.

I just cannot understand how you guys accept bad cops, bad healthcare, bad employment rights, bad social mobility, bad education and bad banks, but apparently national id is where you draw the line. Why didn't you draw the line before all this other stuff that is far behind much of Europe?

------

can't reply directly to the GDP comment as some cry baby has flagged my post and then a free speech loving mod has shadow-banned me with "you're submitting too fast".

----

GDP comparison in $$ terms is a really uninformative comparison. Even between states inside the USA it doesn't work due to different land costs.

---

social mobility: https://www.visualcapitalist.com/ranked-the-social-mobility-...

USA: 27th. Like the UK, the place you were supposed to break free from - anyone can make it!

Post reply on HN