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FedNow Is Live

federalreserve.gov

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Re: FedNow Is Live

#361

Post by tombert »

earthboundkid wrote: post #221
2143 wrote: post #179

Funny thing about topics like this is that people of any given country is oblivious to how other countries have solved that problem, or the challenges other countries face, or inturn the problems that they themselves face. Regarding payment systems specifically, people generally don't realize what they're missing. Pick anybody from anywhere and they'll tell you they've been able to do everything they ever wanted to d…

When I lived in Japan twenty years ago, everybody just wired money electronically and checks were long obsolete. In the US, I write checks every week or so. They also had a system where you would put your checkbook into the teller machine and it would print your credits and debits into the book for you. It was very convenient. On the downside, the ATMs were turned off (!) during national holidays, so you had to get c…

I'm only nominally a grown-up, but I've lived in the US my entire life and I don't think I write a check more than once a year. Most stuff I buy is done with credit cards (which I generally pay with their respective mobile apps with bank transfers), my mortgage is automatically withdrawn from my checking account, and I use CashApp or Paypal to send money to people directly.

I think the last time I actually wrote a physical check was when I refinanced my house in 2021.

Re: FedNow Is Live

#362

Post by mkhalil »

Sharing a comment I posted from an earlier submission: https://news.ycombinator.com/item?id=36801977

------------------------------------------------------------

The Federal Reserve announces that its new system for instant payments, the FedNow® Service, is now live. FedNow® FAQ:

>> https://www.federalreserve.gov/paymentsystems/fednow_faq.htm

------------------------------------------------------------

FedNow® Service Provider Showcase (Incl: Service Providers with APIs)

Browse service providers that can help you connect, innovate, and deliver instant payment products using the FedNow Service.

>> https://explore.fednow.org/explore-the-city?id=10&building=s...

------------------------------------------------------------

Participating financial institutions that are currently live on the service:

>> https://www.frbservices.org/financial-services/fednow/organi...

------------------------------------------------------------

Launch Video: https://www.youtube.com/watch?v=wHLnV9wu-5A

Other Official FedNow® Videos: https://www.youtube.com/@FRBServices/videos

Re: FedNow Is Live

#363

Post by A4ET8a8uTh0 »

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

Super curious, were you involved in the implementation of ISO20022 from software perspective or were you more on the hardware end? Asking because naturally entire banking in US is kinda waiting to see hows its implementation going to turn out ( for non-fednow payments ).

Re: FedNow Is Live

#364

Post by adventured »

earthboundkid wrote: post #221
2143 wrote: post #179

Funny thing about topics like this is that people of any given country is oblivious to how other countries have solved that problem, or the challenges other countries face, or inturn the problems that they themselves face. Regarding payment systems specifically, people generally don't realize what they're missing. Pick anybody from anywhere and they'll tell you they've been able to do everything they ever wanted to d…

When I lived in Japan twenty years ago, everybody just wired money electronically and checks were long obsolete. In the US, I write checks every week or so. They also had a system where you would put your checkbook into the teller machine and it would print your credits and debits into the book for you. It was very convenient. On the downside, the ATMs were turned off (!) during national holidays, so you had to get c…

> When I lived in Japan twenty years ago, everybody just wired money electronically and checks were long obsolete. In the US, I write checks every week or so.

And yet in Japan they're still obsessed with using backwards fax machines and paper.

Re: FedNow Is Live

#368

Post by nimbleplum40 »

imtringued wrote: post #270
rvz wrote: post #99

Earlier quoted context omitted.

> Whoa. Is this as awesome as it sounds? No. A possible CBDC rails in the US is nothing to get excited about. Unless you want savings limits and expiry dates on your money. > Is this akin to government-backed Venmo, or something? Yes, but even worse.

>Unless you want savings limits and expiry dates on your money. I don't believe in saving limits or expiry dates in the sense of losing 100% of your money. But think about what impact limiting savings has on debt. In aggregate, there can only be as much debt as there are savings. This means if you want to limit debt in the economy, you are going to have to limit savings as well. This is particularly relevant with deb…

Savings and debt in an economy are related, but not 1:1. See the money multiplier [1].

[1] https://en.m.wikipedia.org/wiki/Money_multiplier

Re: FedNow Is Live

#369

Post by karaterobot »

CameronNemo wrote: post #176
karaterobot wrote: post #168

Earlier quoted context omitted.

I actually don't have a strong opinion about the digital dollar. I learned about it as a concrete idea in this very article. My opinion is: sounds reasonable, probably pretty complicated to pull off. I am opinionated when it comes to bad, weasely non-answers to questions though, if that's what you mean.

If they create a digital dollar and it uses any version of FedNow, then they're liars. If they create a digital dollar and it uses an entirely different product, they're incompetent. The characterization of the Federal Reserve as incompetent is the strong opinion I observed. I personally don't agree with the logic you communicated. I think a completely separate CBDC project that is separate from FedNow is perfectly a…

That's a reasonable response. I was being hyperbolic I suppose. What I meant was: if they are working on FedNow and a digital dollar at the same time, a more efficient use of resources would be to plan for FedNow to be interopable with the digital dollar, so that they don't have to replace it with something that is in a few years.

Perhaps they are planning for that already. My main complaint is the lack of both transparency and clarity in the quoted statement. I don't believe their response will satisfy anybody who is wondering if the Fed is working on a digital dollar, when it would have been very easy for them to do that. I sort of expect that kind of needle-threading response from private companies and individuals, but (naively) expect more transparency from public institutions.

Re: FedNow Is Live

#370

Post by hellojesus »

treyd wrote: post #352
bluescrn wrote: post #196

Earlier quoted context omitted.

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.

Why would they want to do that? How would either your employer or the fed have the grounds to justify doing that?

Look at what happened with the Canadian protests and banking restrictions.

Many are concerned that cdbc will allow the gov to create carbon rations that are enforced by disallowing purchases. Cash is fungible while regulated digital currency isn't.

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