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FedNow Is Live

federalreserve.gov

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Re: FedNow Is Live

#561

Post by landemva »

phpisthebest wrote: post #531
prometheus76 wrote: post #383

Earlier 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.

>>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 Fe…

The Fed is a contractor with pomp and circumstance to make it appear different. Any private group charter can require their club leader to be approved by the Pres. and the Pres. may or may not play along.

Re: FedNow Is Live

#562

Post by kylehotchkiss »

mattsan wrote: post #550
aidenn0 wrote: post #436

Earlier 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?

I had to read this twice - is it really not like in the UK? Is this the first US implementation of "Faster Payments"? Sure people in the UK sometimes use PayPal, Revolut, but most of the time its always just a friend gives (and you save on your banking app) their bank account number and sort code, and you instantly send it across. edit: with no fee

No, Wire Transfers have been the official fast settlement method in US for a while. They have a fixed fee associated but given the larger transaction amounts that people generally use it for, it's not a bad thing. Everyday consumers have their silly apps for money transfer (PayPal, Cash app, iMessage Cash). Other than that, people are just used to transactions taking 2-3 days and over drafting because they made another payment and forgot about it. Yay, ACH!

Re: FedNow Is Live

#563

Post by Narkov »

88913527 wrote: post #441
HoyaSaxa wrote: post #314

Earlier quoted context omitted.

TLDR: Nearly all payments will irrefutably settle within a handful of seconds Strictly speaking the primary means in which money moves in the United States from a volume perspective is ACH today. That system is a T+1 day from a default perspective, but it has offered the option to same-day settle during a handful of batches throughout a business day. However, ACH is not irrefutable and so it is common to have holds a…

Couldn't having payments settle so quickly result in increased risk of overall system instability? I don't have a specific example, but I'm thinking of things like bank run panics. I'm sure this sort of thing would have been considered, however.

You must remember, the US is very late to the "instant" payment party. This isn't a groundbreaking development.

Re: FedNow Is Live

#564

Post by moneywoes »

ibains wrote: post #342
ZeroCool2u wrote: post #334

Earlier quoted context omitted.

BigQuery is ACID compliant and easily handles petabytes. https://cloud.google.com/bigquery/docs/introduction

Yes, but in addition to being ACID compliant (serializable ANSI), you need to support a million transactions per second - it’s not just about data size.

What’s the cloud infra like?

Re: FedNow Is Live

#565

Post by evantbyrne »

cempaka wrote: post #553
evantbyrne wrote: post #515

Earlier quoted context omitted.

I presume the system uses bank account and routing numbers? So besides concerns with sharing that information with the public, concerned citizens will figure out who they bank with, and will most likely be able to easily pressure the bank to drop them. Certain things should be difficult to accomplish in a functional society anyways, and administering a profitable hate group is one of those things. If not bankrupted b…

> they'll eventually run into legal troubles from the damage they cause to innocent people Which is how this sort of thing ought to be handled, in stark contrast to "Chrystia Freeland sends an email to the heads of major banks to get troublemakers debanked with zero transparency or due process."

Like the person I was responding to said, there are thousands of banks. If not a single one wants to do business with this organization, that's not a first amendment issue and you don't need to lose sleep over it. Being so unpopular that nobody with a shred of decency will do business with them is not a rights issue.

Re: FedNow Is Live

#566

Post by TRiG_Ireland »

mattsan wrote: post #550
aidenn0 wrote: post #436

Earlier 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?

I had to read this twice - is it really not like in the UK? Is this the first US implementation of "Faster Payments"? Sure people in the UK sometimes use PayPal, Revolut, but most of the time its always just a friend gives (and you save on your banking app) their bank account number and sort code, and you instantly send it across. edit: with no fee

The UK and Ireland have identical banking codes (six-digit sort code & eight-digit account number) and constructed IBANs the same way (BIC, sort code, account number), but Ireland switched to using IBANs domestically, while the UK didn't. That means that you in the UK need one interface for domestic payments and a different interface for SEPA payments, while we use the same for both.

Re: FedNow Is Live

#568

Post by amelius »

wslh wrote: post #304
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

What is innovative and/or well engineered there? Could any bank or financial institution connect seamlessly with the system? How does it handle security keys, transparency, and transaction log duration?

Do you call those things "innovative"?

Re: FedNow Is Live

#569

Post by xvector »

polski-g wrote: post #556
ZoomerCretin wrote: post #522

Earlier quoted context omitted.

>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]

It's about as impossible as proving what "caused" someone to die after they got run over by a train. They could have had a fatal aneurysm in the moments before getting run over. Or perhaps it was the train that killed them. A perplexing game of probability indeed!

Re: FedNow Is Live

#570

Post by grepfru_it »

cj wrote: post #555
mattsan wrote: post #550

Earlier quoted context omitted.

I had to read this twice - is it really not like in the UK? Is this the first US implementation of "Faster Payments"? Sure people in the UK sometimes use PayPal, Revolut, but most of the time its always just a friend gives (and you save on your banking app) their bank account number and sort code, and you instantly send it across. edit: with no fee

I can think of 0 occasions where I’ve given anyone my bank account info who isn’t a commercial organization (employer, electric company, etc). I had no idea it was the opposite in the UK. Edit: with the exception of writing physical checks, of course. I use those when the receiver doesn’t accept Venmo or Apple Pay.

I am currently disputing an international payment and wire transfer (or walking/driving my happy ass to their office and paying cash) is the only method allowed by the lawyer representing me. That's at least one occasion you are not accounting for (a foreign entity that needs the equivalent of cash to proceed)
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