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FedNow Is Live

federalreserve.gov

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Re: FedNow Is Live

#381

Post by kibwen »

j16sdiz wrote: post #349
zeroxfe wrote: post #332

Earlier quoted context omitted.

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

Not sure it's even useful to call it a "transaction" at that point, since nothing has been transacted. It feels like the difference between updating a value in-memory and committing a value to the database. Maybe you can hide the latency, but that hasn't removed the need to actually do the transaction, eventually, and now you have the added problem of managing consistency.

Re: FedNow Is Live

#382

Post by landemva »

vel0city wrote: post #343
erickf1 wrote: post #335

Earlier quoted context omitted.

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.

I received W-2 wages in cash in the military. I suppose I'm old.

Re: FedNow Is Live

#383

Post by prometheus76 »

634636346 wrote: post #340

It will be interesting to see how this affects "toxic," deplatformed, and to some degree debanked (at least from PayPal and CC processors) entities, like the KiwiFarms. While this page is somewhat vague about the private/public status of the Fed: https://www.federalreserve.gov/faqs/about_14986.htm it seems pretty well established that federally chartered corporations, like the USPS and Amtrak (e.g., https://en.wikipe…

The Federal Reserve is a private company with a chair that is chosen by the President of the US with advice and consent from the Senate, and serves a four-year term. There is no term limitation for this office.

The reason the US government has a national debt is because that debt is owed to the Federal Reserve, which is a private bank that loans the US government money and that sets the US monetary policy.

Re: FedNow Is Live

#384

Post by hydrophlask »

ke88y wrote: post #284
ArlenBales wrote: post #265

Question: Can this be used by a consumer to more conveniently and securely, and without 3rd party fees, sell things online or in-person? Example 1: Sell a graphics to someone on /r/hardwareswap. Currently using PayPal. Example 2: Sell car in-person. Currently go to bank and have buyer hand over cash to deposit in bank.

The end users of FedNow are financial institutions, so not directly.

The hope is that banks open it up for their consumers to use. Log into your bank app -> send money to friend's bank and it will all happen over FedNow under the hood.

Re: FedNow Is Live

#385

Post by openthc »

whockey wrote: post #353

Founder of a developer bank, Column N.A. here. If people are interested in starting to build on FedNow hit us up. column.com/fednow and my email is william at column dot com .

Do you support cannabis business? Or rather, those of us who provide services too cannabis businesses? Some folk (eg: Stripe, Twilio) frown on even using their platforms for things next-to (but not touching) cannabis.

Re: FedNow Is Live

#388

Post by asah »

vel0city wrote: post #343
erickf1 wrote: post #335

Earlier quoted context omitted.

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.

...but with days of delay, where someone else is keeping the interest. And maybe charging a transaction fee.

Re: FedNow Is Live

#389

Post by xp84 »

chimeracoder wrote: post #258
TechBro8615 wrote: post #236

Earlier quoted context omitted.

There's a big difference between checking passports before onboarding a customer, and sending every transaction to the federal government in real time.

> There's a big difference between checking passports before onboarding a customer, and sending every transaction to the federal government in real time. I guess there's technically a difference between "sending every transaction to the federal government in real-time" (FedNow) and "sending every transaction to the federal government, in batches three times per day" (the status quo). But from a privacy standpoint, th…

Can you clarify something? I thought FedNow was for settling up when I, as an ABC Credit Union customer, initiate a transfer of $5000 to you, a Chase customer. Now ABC needs to subtract it from my account, and if successful, tell the Fed to take money out of ABC's Fed account and put it into Chase's, and to tell Chase to expect $5000 (Transaction ID: XXXX?) and here's who it's for.

Does FedNow, or whatever batch job it is replacing, involve ABC telling FedNow "This is for a transfer from Jane Doe (SSN 123-45-6789) to Joe Bloggs (SSN 098-76-5432)"? As I imagined it, FedNow would only need to know what bank is sending and what is receiving.

Re: FedNow Is Live

#390

Post by landemva »

foobarian wrote: post #282
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.

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

It's like a centralized exchange in which funds can be seized, censored, and the participating brokers are licensed. Nothing like bitcoin.
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