351–360 of 1001 posts
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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.
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Because there are many Americans who are small gov and against excessive taxation. A CBDC is "too far" for a lot of people who believe that.
Imagine being paid in a ‘programmable’ currency that your employer (or government) decides cannot be spent on alcohol, meat, or fossil fuels. Meanwhile, wealthier people get paid in ‘unrestricted’ currency.
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Tell us as much as you can about the tech stack. What is going to be able to handle truly massive volumes of transactions? Database, hardware, communications channels, programming lang, everything.
Not trying to side-step the question, but The FedNow Service Technical Overview and Planning Guide[1] goes into depth on what is not under NDA. [1] https://explore.fednow.org/resources/technical-overview-guid...
Is there going to be a universal SDK / API we can use with this? This would cut alot of middle companies out of the payments industry (or at least put pressure on lowering fees). That would be a huge win. Wish we could do the same for the credit card companies. Would be great if the Federal Government could intervene in some way to have Visa / Mastercard / American Express / Discover use the same API interface for pa…
The network of banks supporting FedNow is still small, so we may not see meaningful payment volume for a while compared to ACH, Wires, Checks, etc.
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The military? When was the last time they turned on the citizens? I don't live in Tiananmen, thankfully. Meanwhile it's private companies that oppress most of us: private hospitals, private prisons, private insurances companies, private credit bureaus, private banks, private tech companies, private surveillance companies, private small arms manufacturers and dealers. It ain't the government that's crimping my freedom…
Forget the military, when was the last time the government used force on its own citizens? Probably 1 second ago, and thousands of times a day. Are you really more oppressed by a private hospital today than you are by literally thousands of laws that have penalties that will put you in prison? I'm not pro private hospital, or anti-law, but let's be real about who has ultimate control of your freedom. Even if we grant…
The government is authorized by it's own citizens to use force on some citizens (such as criminals).
That being said, your point might have been when did the government last use force in an unjust manner? That's a matter of constant political debate.
Is there going to be a universal SDK / API we can use with this? This would cut alot of middle companies out of the payments industry (or at least put pressure on lowering fees). That would be a huge win. Wish we could do the same for the credit card companies. Would be great if the Federal Government could intervene in some way to have Visa / Mastercard / American Express / Discover use the same API interface for pa…
> This would cut alot of middle companies out of the payments industry Not really. All it will do is let the same companies change the way they handle average citizens' payments. It's the same as Open Banking in Europe. It is supposed allow small businesses to leverage this to enable innovation and all that stuff, but when you want to use these APIs you find there are limitations on who can actually use it. For examp…
That's modest angel investor money in a small city.
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?
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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.