This and IRS Tax filling all happening today. From an outsider perspective the only two major thing left for US to fix is Medical Cost and Public Transport.
FedNow Is Live
491–500 of 1001 posts
Re: FedNow Is Live
#492Earlier quoted context omitted.
"retail investors" normally refers to individuals at home and T+2 doesn't affect them because they have margin accounts. The only limitation is that if you day trade, you'll need $25k in your margin account. If you don't day trade or you have $25k, you can withdraw $0.01 a few milliseconds after selling $0.01 in shares
Personally I use the word "retail" to refer to restaurants, stores, malls, and other soulless things that occupy commercial real estate. I use "customers" to refer to souls that occupy residential real estate.
You can use that, but there are pretty well understood terms in finance already (like retail investors), and probably best to use the standard if you want to be well understood.
Re: FedNow Is Live
#493Earlier quoted context omitted.
Is the eventual end-game that I can send money from my account at Bank A, to a friend's account at Bank B to split a check at dinner without using a third party like Venmo?
Yes, that is absolutely a use case. Similar to Venmo, there is also a Request for Payment (RFP) mechanism. I'm on the Request for Payment (RFP) Work Group that is composed of a number of financial institutions, service providers, and billers. Netflix is part of the RFP Work Group. So presumably they are interested in offering consumers the ability to pay for Netflix using FedNow instead of a credit card. Instead of N…
> they'll probably be able to find a bank willing to charge them
I guess that includes some very small values, but the upper bound seems ridiculously high.
Re: FedNow Is Live
#494Earlier quoted context omitted.
Put the flag of North Korea into the notes of a venmo transaction. You will very quickly find out the extent to which the government knows what you are doing with your money.
That's just not true and conspiracy nonsense.
Maybe not that specific example, but it's very true generally. You can get your account blocked for specific words in your Venmo payments:
https://www.inc.com/tess-townsend/venmo-reportedly-blocking-...
https://angelinatravels.boardingarea.com/2017/05/04/careful-...
I tested one of these and had to send Venmo customer support an email explaining I was not a terrorist.
Re: FedNow Is Live
#495Earlier quoted context omitted.
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…
Surprised you're writing checks every week: I haven't written a check in years. ACH transfers, sure, but not physical checks. I do still receive them occasionally, almost always as printed checks from companies.
I run into this myself a whole lot with various home service businesses in particular.
It’s not unusual for me to get an invoice for a company via QuickBooks Online, with cash or check as the only payment options.
Other businesses around here have started giving discounts for paying with cash or check versus apps or credit/debit cards, to avoid the recent increases in fees.
I’ll also write checks when having a “hard” traceable payment instrument physically makes sense for auditing purposes or fraud prevention, although that’s less frequently needed.
Re: FedNow Is Live
#496It 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…
What is the Kiwi Farms?
A discussion forum similar to, say, Something Awful (or indeed HN), with a focus on mocking online misbehaviour and a reputation for unpopular political views.
Re: FedNow Is Live
#497Earlier quoted context omitted.
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.
public / private is a false dilemma trusts, foundations, and a host of other entities are ‘orphaned’ entities and is essentially a third category which is more accurate for the Federal Reserve as well The Board of Governors is a public entity with an appointment, and the rest of the entity has a rotation of members and pretty full autonomy on how it runs on the inside at the employee level
It's a club funded by interest rate skimming with opaque structure and reporting requirements which don't conform to typical reporting requirements. CEO of Silicon Valley Bank was on BoD of SFO branch, which failed to adequately regulate SVB.
https://www.svb.com/news/company-news/svb-financial-group-ce...
"SVB Financial Group CEO Elected to the Board of Directors of the Federal Reserve Bank of San Francisco"
Re: FedNow Is Live
#498For 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
> I'm happy to share anything that is not under NDA. Meta-questions that you quite possibly can't answer: broadly speaking, what parts of this system are under NDA? Why would any part of this system be under NDA? Did any government agencies impose the NDA, or was it private companies? Is the NDA intended to protect those running the system, or is it intended to protect those using the system (IOW, is it security by o…
Basically everything that is not publicly documented on the Federal Reserve's website. Unfortunately, it is really common in the financial services space to overuse a NDA. Things like specific fraud safeguards, hardware information, network diagrams, etc. are all under NDA.
Re: FedNow Is Live
#499Earlier quoted context omitted.
"retail investors" normally refers to individuals at home and T+2 doesn't affect them because they have margin accounts. The only limitation is that if you day trade, you'll need $25k in your margin account. If you don't day trade or you have $25k, you can withdraw $0.01 a few milliseconds after selling $0.01 in shares
Personally I use the word "retail" to refer to restaurants, stores, malls, and other soulless things that occupy commercial real estate. I use "customers" to refer to souls that occupy residential real estate.
I find that obnoxious
Re: FedNow Is Live
#500For 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
Is there a record of 'what' was bought or transacted for?