Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

FedNow Is Live

federalreserve.gov

Post reply on HN
Print view View original

531–540 of 1001 posts

Re: FedNow Is Live

#531

Post by phpisthebest »

prometheus76 wrote: post #383
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.

>>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

Sorry but no... You can not be a "Private Company" and have your leadership appointed by the President like any other Government Agency

The Fed is a Government Agency,

>>The reason the US government has a national debt is because that debt is owed to the Federal Reserve,

Incorrect

Some of the Debt is owned by a Federal Reserve, more recently as no one want to buy US Debt any more but....

>>which is a private bank that loans the US government money

Again FALSE....

The Federal Reserve can not Loan the US Government anything

The US Dept of Treasury issues Bonds which are sold on the Open Market, 3rd parties then Buy these Bonds, then the Fed Buys them

The Fed can not legally buy Bonds directly from the US Government. How do you think Black Rock got to be do big...

Re: FedNow Is Live

#532

Post by kelnos »

yieldcrv wrote: post #466
adventured wrote: post #358

Earlier quoted context omitted.

It's not particularly difficult for a small start-up to come up with $25,000 in the US. That's modest angel investor money in a small city.

Aside from playing devil’s advocate, do you have a sensible reason why it should be this way versus another way?

I would assume such a system is capable of facilitating fraud, so it's probably good to have some kind of financial hurdle you have to jump in order to use it? Not that having $25k or $50k is a guarantee that you aren't a fraudster, but I imagine there are a lot of would-be fraudsters who don't have that kind of cash on hand.

I do think this is a bit of a weak justification, though.

Re: FedNow Is Live

#533

Post by phpisthebest »

ZoomerCretin wrote: post #522
lmm wrote: post #496

Earlier quoted context omitted.

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.

>with a focus on mocking online misbehaviour and a reputation for unpopular political views. A less generous interpretation is that they coordinate harassment campaigns against transgender people and have caused at least three suicides.

[flagged]

Re: FedNow Is Live

#534

Post by smarx007 »

aeyes wrote: post #486
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

Is there anything special about the IBM MQ implementation which makes it worth naming them? It looks like you can connect to it using AMQP so I wonder why they wouldn't just say something generic like "MQ" or "AMQP protocol".

I assume IBM Message Queue Interface (MQI) is the only supported protocol in this installation. Don't know of any other compatible brokers to support MQI.

Edit: "The FedNow Service will initially leverage IBM® MQ MQi Client for the payment message flows." according to https://www.frbservices.org/financial-services/fednow/blog/a...

Re: FedNow Is Live

#535

Post by id0ntw4ntit »

jonhohle wrote: post #206
iudqnolq wrote: post #50

Earlier quoted context omitted.

> If the government wants to tax these transactions - and let's admit it, they do - they'll take it right off the top. If the federal government wants to tax things they indeed can. But I was asking about a chance from the status quo. If you owe the US government money right now they can take it out of your bank account. > Unlike with the banking system where different banks have different prices for wires - or even…

If the government could stop cash transactions entire classes of crime would be significantly more impractical (while at the same time significantly invading the privacy of all citizens).

Can't stop cash, cash is a fact.

Re: FedNow Is Live

#536

Post by relativ575 »

orf wrote: post #207
aketchum wrote: post #204

Earlier quoted context omitted.

I assume you are being snippy, but to actually answer the question: Kinda - if you are paid on Fridays then payroll is submitted on Tuesday or Wednesday.

No I’m genuinely asking. You get paid at the end of the month, but it actually arrives in your bank 4 or 5 days later?

No. In my case it'd be same days (15th and 1st) as paydays, or earlier if the payday falls in the weekend or holidays.

Re: FedNow Is Live

#537

Post by LadyCailin »

kelnos wrote: post #519
HoyaSaxa wrote: post #482

Earlier quoted context omitted.

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…

> So presumably they are interested in offering consumers the ability to pay for Netflix using FedNow instead of a credit card. I do wonder how stuff like this will shake out. I will use a credit card, always, with any vendor that doesn't pass along credit card fees to the customer in some way. (Why would I choose otherwise? The credit card gives me rewards, and better fraud protection.) But more and more, I see comp…

Credit card fees that aren’t passed through to you are a bit tragedy of the commons. Probably good for them to go away. It’s fine if you choose to pay them, and it’s still worth it to you, but otherwise you’re forcing everyone around you to subsidize your credit card rewards. That’s not fair.

Re: FedNow Is Live

#538

Post by wslh »

aeyes wrote: post #486
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

Is there anything special about the IBM MQ implementation which makes it worth naming them? It looks like you can connect to it using AMQP so I wonder why they wouldn't just say something generic like "MQ" or "AMQP protocol".

Last time, a decade ago, I played with RabbitMQ and similar open source queue system they didn't handle congestion and rate limitation well (crashed). From my little experience with classical IBM systems like MQ they knew about that stuff.

Re: FedNow Is Live

#539

Post by toomuchtodo »

isignal wrote: post #278
wtmt wrote: post #252

This is a bit off topic for the post, but relevant for some of the comments here. For those who are commenting about payment systems in India and comparing this to UPI (Unified Payments Interface), this is not like UPI in a few ways. Firstly, this is more closer to a faster version of RTGS (Real Time Gross Settlement) in India, which is operated by the RBI (Reserve Bank of India). Speaking from experience, RTGS in In…

Another difference is the use of phone numbers and simple email like identifiers in UPI. That doesn’t seem to be part of FedNow itself. What makes UPI very usable is that entering the phone number or a simple UPI id brings up some metadata about the person to confirm that the transfer target is accurate. In FedNow such a layer has to be added by Zelle or similar layer above, it appears.

FedNow intends to support aliases such as phone number and email identifiers in the near future.

Re: FedNow Is Live

#540

Post by msla »

rowls66 wrote: post #190
panarky wrote: post #100

The press release lists a few big banks like Chase, Wells Fargo, BNY Mellon, US Bank and Fiserv, along with a dog's breakfast of random service providers and credit unions. Since free realtime payments presumably would still require both the sender and the receiver to use a participating financial institution, instead of all participants just transacting directly through the Fed, how is this supposed to work if most…

There are already other options for instant payments in the US. The Zelle network and The Clearings House's RTP have been running for several years, and provide pretty good account reachability today. FedNow is the result of smaller banks and credit unions wanting an alternative to Zelle and RTP which are both owned by consortiums of the big banks. The expectation in the industry is that there will eventually be inte…

> The expectation in the industry is that there will eventually be interoperability between these systems

Why? Why would the companies presumably making good money with Zelle interoperate with something that's stealing their customers? It seems like there's no advantage for the entity running Zelle to allow interoperability, and there might even be ToS language preventing any bank or credit union currently in Zelle from so much as moving towards FedNow.

Post reply on HN