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FedNow Is Live

federalreserve.gov

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Re: FedNow Is Live

#341

Post by EdSharkey »

the-dude wrote: post #233
HideousKojima wrote: post #195

Earlier quoted context omitted.

The NSA monitoring any and all electronic communications (foreign and domestic) that they can get their hands on, without a warrant. The federal government cutting off financial services for legal but disliked industries such as the gun industry (see the Obama admin's Operation Chokepoint). The Canadian government freezing the bank accounts of those who supported the trucker protest. Not directly related to finances…

> The NSA monitoring any and all electronic communications (foreign and domestic) ... Not revealed in the last 5 years. > The federal government cutting off financial services for ... Not revealed in the last 5 years. Was this subject of an actual conspiracy theory? > The Canadian government freezing the bank accounts of those who supported the trucker protest. At least this is within 5 years. I can't judge if this w…

I cannot abide. What is your point? That the last 5 years have seen _fewer_ true conspiracies and clownish gaslightings? Are you quibbling over the number 5 or something?

Re: FedNow Is Live

#342

Post by ibains »

ZeroCool2u wrote: post #334
iknownothow wrote: post #316

Earlier quoted context omitted.

The problem is, which "database"? If you know the data is always going to be in the range of ~1TB, use Postgres or some other ACID database. But I don't know of any petabyte scale ACID compliant database. Also I'm not sure if ACID is sufficient or not for banking systems.

BigQuery is ACID compliant and easily handles petabytes. https://cloud.google.com/bigquery/docs/introduction

Yes, but in addition to being ACID compliant (serializable ANSI), you need to support a million transactions per second - it’s not just about data size.

Re: FedNow Is Live

#343

Post by vel0city »

erickf1 wrote: post #335
uses wrote: post #166

Earlier quoted context omitted.

Currently this works between banks only. Banks have reserves at the Fed, and those reserves are what gets adjusted when a FedNow transaction happens. The banks then adjust their own records on their customers' behalf.

It won't take long before all banks are using it. Once the banks are using it, employers will begin making payments using it. Once employees are receiving digital currency payments from employers, cash will end soon after.

I've been receiving my payments digitally from employers in the US for almost 20 years now.

I've never in my life received a wage in cash, as in, hard dollars.

Re: FedNow Is Live

#344

Post by ru552 »

pezdeath wrote: post #337
ejz wrote: post #336

I know that these are famous last words on Hacker News, so I post them very hesitantly...but presumably this is bad news for Plaid, right?

Wouldn't it also be real bad news for Zelle? And in theory Venmo/Cashapp/etc

Not for Zelle/Venmo/etc.. Zelle is for P2P (person to person) and FedNow is for A2A (account to account). There are no take backs on FedNow so it's not intended to be used for P2P. No take backs means no recourse for fraud etc.. FedNow should supplant ACH waaaaaaaaaaaaaaay down the line.

Re: FedNow Is Live

#345

Post by RC_ITR »

tarmon wrote: post #295
foobarian wrote: post #282

Earlier quoted context omitted.

So it's like a Bitcoin exchange, but with dollars!

I don't see how this is anything like a crypto exchange, is there something I'm missing here?

Some crypto maximalists ignore many of the intrinsic aspects of crypto (decentralized consensus, cryptography, etc.) because in their use case, it's just 'digital money.'

So when a completely dissimilar example of 'digital money' comes up, they equate it to crypto, even though it lacks many of the intrinsic aspects of crypto.

Re: FedNow Is Live

#347

Post by treyd »

AmericanChopper wrote: post #300
foobarian wrote: post #282

Earlier quoted context omitted.

So it's like a Bitcoin exchange, but with dollars!

Some would say suspiciously so. Which is why some commentators think this is being implemented as a prerequisite of a CBDC.

The FedNow project was in the works long before any serious CBDC idea was conceptualized.

Re: FedNow Is Live

#348

Post by Ao7bei3s »

HoyaSaxa wrote: post #298

For those curious, it is really using IBM MQ[1] under the hood and uses a bespoke flavor of the ISO 20022 specification. The FedNow Service itself is the tip of the iceberg in terms of what actually happens from an end-to-end perspective. We've been working to become a Certified Service Provider so feel free to ask me anything. I'm happy to share anything that is not under NDA. [1] https://www.ibm.com/products/mq

What does a development environment look like, both architecturally and simply visually?

Like: Do developers spin up entire fake economies with two banks and the fed on their latop, or is it all incremental changes to individual microservices in a big permanent test setup? Do other banks / service providers / the fed run test instances of their systems with fake money for other companies to do interop with, like a "global test financial network", or do you generally test with "real" money?

What do you see on your screen in day to day developer live? Are there like dummy online banking web interfaces? Or is it all text logs?

Is it just normal software development like anywhere else, or is there anything that really sets it apart in terms of developer workflow?

Re: FedNow Is Live

#349

Post by j16sdiz »

zeroxfe wrote: post #332
dheera wrote: post #305

Earlier quoted context omitted.

Does this end the T + 2day ridiculousness? It should be T + 1millisecond at worst. What does it take to update 2 "balance" values in databases?

T + 2day is ridiculous. T + 1ms is also ridiculous (speed of light and all.)

Some transactions can be rolled back asynchronously.

There are physical bank note, database from different system in trust or untrusted parties that need to be cross checked and reconsolidated

Re: FedNow Is Live

#350

Post by nimbleplum40 »

erickf1 wrote: post #335
uses wrote: post #166

Earlier quoted context omitted.

Currently this works between banks only. Banks have reserves at the Fed, and those reserves are what gets adjusted when a FedNow transaction happens. The banks then adjust their own records on their customers' behalf.

It won't take long before all banks are using it. Once the banks are using it, employers will begin making payments using it. Once employees are receiving digital currency payments from employers, cash will end soon after.

Huh? Employers pay employees via direct deposit in many (most?) cases. This isn’t any different… Either way it’s money moving from one bank account to another digitally.
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