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FedNow Is Live

federalreserve.gov

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Re: FedNow Is Live

#101

Post by no_wizard »

Aloha wrote: post #61
delfinom wrote: post #13

Earlier quoted context omitted.

National IDs in the US are never coming because the evangelical base of the GOP literally oppose it for being the "mark of the beast". >Here we go. CBDCs are next, and also national Digital IDs No, this is a long term replacement for ACH, a function that the Federal Reserve was already carrying out.

I see it as an almost total impracticality to transition from our current system to a centralized national identity document. There is no central database of: * Citizenship * Births * Drivers Licenses * Marriages * Deaths (SSA death reporting is voluntary and customary by funeral homes -not required) * Education history * Criminal Records * Firearm Ownership * Property Ownership * Vehicle Ownership The only thing the…

They could do an audit and census approach as a one off to get all this started. For a national ID though wouldn't you only need drivers license / property data / marriage data / criminal data / citizenship / births?

Not sure you need firearm / vehicle / education history for an ID system

Re: FedNow Is Live

#102

Post by kube-system »

OGWhales wrote: post #75
solardev wrote: post #7

Earlier quoted context omitted.

I would love to see government IDs be available as a form of auth on the internet. It would open up the possibility of real-person communities with fewer bots and trolls. Similarly with digital payments, I'd much rather trust the government with that than some rando cryptobro of the week. There is nothing extreme about this. The government already does both functions in the analog world. It's about time they caught u…

My concern with digital payments is the elimination of cash. Having the ability to transfer value without it being monitored or blocked is an exceptionally useful property of paper money.

As long as the US continues to have large numbers of unbanked/underbanked, that isn't a possibility.

Re: FedNow Is Live

#104

Post by kemotep »

seneca wrote: post #49
mzg wrote: post #28

Earlier quoted context omitted.

The government already has the power to do this — just ask any trans person in the South

> The government already has the power to do this — just ask any trans person in the South Any citations on every trans person in the South being singled out for denial of services by the government? Because that sounds like inflammatory nonsense.

Banning gender affirming care effectively is singling out transgender people and denying them services[0]. Additionally there was a recent Supreme Court decision allowing businesses to discriminate against people[1].

Additionally in living memory, many businesses and government services were segregated by race. In some cases some races were denied access to services or those services were severely underfunded. The legacy of that legal system still has impacts today.

[0]: https://www.usnews.com/news/best-states/articles/2023-03-30/... [1]: https://www.npr.org/2023/06/30/1182121291/colorado-supreme-c...

Re: FedNow Is Live

#105

Post by anigbrowl »

EGreg wrote: post #5

Here we go. CBDCs are next, and also national Digital IDs. https://m.youtube.com/watch?v=uwRSzNTp2ko Real ID + needing it to browse anything on the Internet: https://community.qbix.com/t/the-coming-war-on-end-to-end-en... From what I see people on HN writing, by and large they downplay the risks of these as well as AI. Or alternately seem to suggest that CBDCs and national IDs are not coming, and that it’s a conspira…

It was obvious from the first line that your post was going to be axe-grindey conspiracy fodder. It's not us, it's you and your and tightly closed epistemological loops.

Re: FedNow Is Live

#106

Post by JumpCrisscross »

no_wizard wrote: post #96

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…

> Is there going to be a universal SDK / API we can use with this?

There is probably a neobank opportunity in providing this. FedNow is, reasonably, administered by banks. (The Fed doesn't want to provide end-user customer service nor incur liability for fraud.)

Re: FedNow Is Live

#107

Post by nodesocket »

toomuchtodo wrote: post #69
xxpor wrote: post #52

Earlier quoted context omitted.

is the fee on a per bank or per account basis?

Per routing number, so effectively per bank. Edit: (throttled, can’t reply) GSIPs (globally systemic important banks) like JPMC with multiple routing numbers are the exception, not the rule.

Typically banks have many routing numbers[1], but it seems like they grossly undercharging banks here. Should be like $500/mo per routing number, that's still chump change for banks.

[1] https://www.gobankingrates.com/banking/banks/chase-routing-n...

Re: FedNow Is Live

#108

Post by barkerja »

solardev wrote: post #7
EGreg wrote: post #5

Here we go. CBDCs are next, and also national Digital IDs. https://m.youtube.com/watch?v=uwRSzNTp2ko Real ID + needing it to browse anything on the Internet: https://community.qbix.com/t/the-coming-war-on-end-to-end-en... From what I see people on HN writing, by and large they downplay the risks of these as well as AI. Or alternately seem to suggest that CBDCs and national IDs are not coming, and that it’s a conspira…

I would love to see government IDs be available as a form of auth on the internet. It would open up the possibility of real-person communities with fewer bots and trolls. Similarly with digital payments, I'd much rather trust the government with that than some rando cryptobro of the week. There is nothing extreme about this. The government already does both functions in the analog world. It's about time they caught u…

> I would love to see government IDs be available as a form of auth on the internet

This kind of already exists: https://login.gov

I have to use this to login to the VA.

Re: FedNow Is Live

#109

Post by Bloating »

solardev wrote: post #77
drivebyhooting wrote: post #48

Earlier quoted context omitted.

PayPal doesn’t have a military and doesn’t extract taxes from you though.

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…

I prefer to use my deep pockets to lobby for tax loopholes. Easy to do, when the tax code is so convoluted 80,000 bureaucrats can't keep track

Re: FedNow Is Live

#110

Post by JumpCrisscross »

EGreg wrote: post #5

Here we go. CBDCs are next, and also national Digital IDs. https://m.youtube.com/watch?v=uwRSzNTp2ko Real ID + needing it to browse anything on the Internet: https://community.qbix.com/t/the-coming-war-on-end-to-end-en... From what I see people on HN writing, by and large they downplay the risks of these as well as AI. Or alternately seem to suggest that CBDCs and national IDs are not coming, and that it’s a conspira…

> CBDCs are next

Nobody has seriously discussed a CBDC for months in the U.S. FedNow is the American financial system catching up to the 1990s. It has nothing to do with crypto beyond the cursory.

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