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

611–620 of 1001 posts

Re: FedNow Is Live

#611

Post by TRiG_Ireland »

mydriasis wrote: post #2

> Banks and credit unions of all sizes can sign up and use this tool to instantly transfer money for their customers, any time of the day, on any day of the year. Whoa. Is this as awesome as it sounds? Is this akin to government-backed Venmo, or something?

So, almost like SEPA, but not as good, as not all banks are in it? I can type anyone's IBAN* into my banking app and transfer them money pretty much instantly. However, ours will have a delay outside banking hours, which is annoying. Sounds like FedNow is always instant, which is a definite improvement.

* Any IBAN from a SEPA country, at least.

Re: FedNow Is Live

#612

Post by orlp »

qingcharles wrote: post #544
ZoomerCretin wrote: post #516

Earlier quoted context omitted.

This is a dramatic whitewashing of KiwiFarms. KiwiFarms was not deplatformed for wrongthink or because people disagreed with their ideas. They were deplatformed for coordinating harassment campaigns that resulted in at least three confirmed suicides. That is not protected speech.

You're right in this scenario, and people need to understand the First Amendment doesn't protect "criminal" speech. OTOH, plenty of sites have been canceled simply due to their fucked-up viewpoints that are protected speech.

If KiwiFarms hosted/was responsible for illegal activities, then it is up to law enforcement to deal with it, not payment processors.

It is not desirable that private infrastructure companies such as Visa or MasterCard are effectively playing as judge, jury and executioner in modern society, even if (sometimes) they are happening to do the right thing.

Re: FedNow Is Live

#613

Post by wredue »

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".

It’s a little especially strange as IBM hasn’t exactly made a great reputation for themselves over the last several years. Name dropping IBM makes me think that the reserve is generally not confident and is ready to blame IBM for what they expect to happen.

Re: FedNow Is Live

#614

Post by sjdmdlakziggy »

MBCook wrote: post #586
sjdmdlakziggy wrote: post #559

Earlier quoted context omitted.

I spent a couple years deploying and integrating IBM MQ, and I own a couple of services currently that interact with it. It was (just a couple years ago) and probably still is more robust than current open source solutions, as long as you weren't planning on forking the code for some very specific use case that requires heavy modification, or the more likely situation of just wanting to save money. As far as message…

Being able to publicly claim your product as the one that underlies part of the federal reserve banking system has got to be worth some real money to IBM.

That's part of it I'm sure, but it's much more than just advertising. What bank is going to make a risky move to a new message queueing service to save a few bucks when all their connections with the Fed use IBM's? And the hook there goes even deeper, because all of this stuff is deeply integrated with your databases.

Re: FedNow Is Live

#615

Post by grepfru_it »

cj wrote: post #575
grepfru_it wrote: post #570

Earlier quoted context omitted.

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)

Right, but it’s likely a law firm you’re wiring to, not an individual. The GP was saying they use wire transfers between friends day-to-day which isn’t the case in the US.

Touche

Re: FedNow Is Live

#616

Post by melenaboija »

foobarian wrote: post #282
uses wrote: post #166

Earlier quoted context omitted.

Currently this works between banks only. Banks have reserves at the Fed, and those reserves are what gets adjusted when a FedNow transaction happens. The banks then adjust their own records on their customers' behalf.

So it's like a Bitcoin exchange, but with dollars!

No, completely opposite. It is like a regular, centralized, and controlled by the government ledger[1] but faster, no more batch files at the end of the day like ACH and that is all.

Now is a matter of banks to pay the providers[2] to integrate with their systems and ledgers.

[1] https://www.youtube.com/watch?v=le8Me8AfK8k

[2] https://www.frbservices.org/news/press-releases/072023-fedno...

Re: FedNow Is Live

#617

Post by alayanth »

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

Hi, is this implementation similar to mexican instant payment system (SPEI)?

Re: FedNow Is Live

#618

Post by Wowfunhappy »

Frummy wrote: post #481
Ao7bei3s wrote: post #348

Earlier quoted context omitted.

What does a development environment look like, both architecturally and simply visually? Like: Do developers spin up entire fake economies with two banks and the fed on their latop, or is it all incremental changes to individual microservices in a big permanent test setup? Do other banks / service providers / the fed run test instances of their systems with fake money for other companies to do interop with, like a "g…

In front of your eyes: TSO-ISPF for everything. IDz for the 5 seconds per month that code is actually written Test env: Separate permanent envs. From playground where nothing matters, env with some fake data in similar databases and variants of all systems, to mirror of prod with anonymised data, then prod There are dummy online banking web interfaces What sets it apart is that the operating system is painful to use…

> And your employer is paranoid and keeps you in a digital prison for security

That, um, sounds reasonable to me in the context of what they're developing.

Re: FedNow Is Live

#619

Post by pas »

evantbyrne wrote: post #565
cempaka wrote: post #553

Earlier quoted context omitted.

> 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.

maybe. maybe not. it's definitely not this simple. those thousands of banks likely share back office software, many fraud prevention vendors, background check provider.

and yes, sure kiwi farms can simply accept checks or whatever. it doesn't change the simple truth, that there are many things the current economic system doesn't provide despite extant demand and profit opportunity. transactions cost are too damn high.

Re: FedNow Is Live

#620

Post by patmorgan23 »

xp84 wrote: post #389
chimeracoder wrote: post #258

Earlier quoted context omitted.

> There's a big difference between checking passports before onboarding a customer, and sending every transaction to the federal government in real time. I guess there's technically a difference between "sending every transaction to the federal government in real-time" (FedNow) and "sending every transaction to the federal government, in batches three times per day" (the status quo). But from a privacy standpoint, th…

Can you clarify something? I thought FedNow was for settling up when I, as an ABC Credit Union customer, initiate a transfer of $5000 to you, a Chase customer. Now ABC needs to subtract it from my account, and if successful, tell the Fed to take money out of ABC's Fed account and put it into Chase's, and to tell Chase to expect $5000 (Transaction ID: XXXX?) and here's who it's for. Does FedNow, or whatever batch job…

You should do some research on the Automated Clearing House (ACH) system. It's how most bank transfers are done. Most ACH transactions will likely move over to FedNow as it's implemented. I believe both systems do account to account transfer, fed now is just faster and settled instantly, while ACH takes a couple days to settle.
Post reply on HN