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

661–670 of 1001 posts

Re: FedNow Is Live

#661

Post by IgorPartola »

system2 wrote: post #641
asd88 wrote: post #636

Earlier quoted context omitted.

This is not a consumer-facing, social payment platform (e.g. Venmo), it is another payment rail (e.g. ACH, wires). Laypeople are not the target audience for this, payment rail users are (i.e. entities who regularly utilize ACH/wire transfers or build services on top of them).

So something like Stripe would benefit from this?

Basically you know how you can ACH payments from your account to someone else’s and back but it only happens the next morning as long as the next morning is a business day? Now it would happen instantly on any day.

Re: FedNow Is Live

#663

Post by MiddleEndian »

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…

>Pick anybody from anywhere and they'll tell you they've been able to do everything they ever wanted to do (with regards to payments) using the already-existing systems of their country.

As an American, this definitely isn't true for me. I've found so many large organizations fail to make auto-pay work, transferring money is mind-bogglingly slow, and going from magnet to chip-and-pin instead of straight to tap-and-go was a regression. Some companies are able to bill you after you no longer wish them to bill you, while other organizations make it difficult to find out how much you even owe them in the first place when you want to pay them. Not sure how much the last couple can be solved with incremental tech.

Re: FedNow Is Live

#664

Post by TulliusCicero »

goralph wrote: post #657
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?

Is this not possible currently in the US? That’s quite surprising!

No, US bank to bank transfers/payments are quite slow, and not commonly used for small transactions. But there are a couple substitutes that are used:

* Zelle is basically better bank transfers and is already supported by many (most?) US banks: https://en.wikipedia.org/wiki/Zelle_(payment_service)

* Random 'third party' money transfer services like Venmo, Cashapp, Paypal, etc.

But similar to messaging in the US, the main issue is fragmentation. There's isn't quite a national consensus like some other countries have.

Re: FedNow Is Live

#665

Post by nonethewiser »

ZoomerCretin wrote: post #516
tombert wrote: post #372

Earlier quoted context omitted.

I think KiwiFarms is a cesspool and I think Null in particular is an extremely crappy human, but despite that I disagreed with the credit card processors pulling them, because they really did have a near-monopoly for online payments, meaning that this could be considered stifling of free speech. However, I think I'll have less of an issue for it if there's the government-backed means in which to send them money; at t…

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.

Sticks and stones

Re: FedNow Is Live

#666

Post by throwaway894345 »

ZoomerCretin wrote: post #516
tombert wrote: post #372

Earlier quoted context omitted.

I think KiwiFarms is a cesspool and I think Null in particular is an extremely crappy human, but despite that I disagreed with the credit card processors pulling them, because they really did have a near-monopoly for online payments, meaning that this could be considered stifling of free speech. However, I think I'll have less of an issue for it if there's the government-backed means in which to send them money; at t…

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.

Then prosecute them for it? Our society probably shouldn’t depend on credit card processors to maintain law and order.

Re: FedNow Is Live

#667

Post by TulliusCicero »

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

> Is this the first US implementation of "Faster Payments"?

No, there's already Zelle, which is fairly popular now, though not as ubiquitous as instant bank transfers in other countries: https://en.wikipedia.org/wiki/Zelle_(payment_service)

Re: FedNow Is Live

#668

Post by landemva »

phpisthebest wrote: post #650
landemva wrote: post #561

Earlier quoted context omitted.

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.

you may have an analogy if your "Any private group charter" was established by an act of Congress, where by the Appointment of the leader was required by law to be done by the president, with the advice and consent of congress Show me "Any private group charter" that was established by such an act of congress and i will agree with you.

Yes, Congress passed a bill 110 years ago to give a private group broad authorities. The third central bank of the USA.

Re: FedNow Is Live

#669

Post by TulliusCicero »

hathawsh wrote: post #634
wslh wrote: post #304

Earlier quoted context omitted.

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?

As I see it, the innovative part is that the service is push-only. With ACH and most other systems in the US, payees can pull from accounts, while FedNow has no support for forceful debits. That's a significant shift in the way we think about payments (for the better, IMHO). This has been done before by other service providers, but not by someone with this kind of influence and clout in the US.

Hmm, surely there's some kind of support for a pull request that has to be approved, no?

It seems like requiring the consumer to manually set up a push payment to a company would probably be annoying and error prone, compared to having them entering their details on a website and then the company requesting payment.

Re: FedNow Is Live

#670

Post by SV_BubbleTime »

patmorgan23 wrote: post #639
swader999 wrote: post #500

Earlier quoted context omitted.

Is there a record of 'what' was bought or transacted for?

No this is an Interbank transfer system not a merchant service

Let’s be entirely honest, it would be unreasonable to assume they aren’t going to log every bit of data they can.

I don’t know why anyone would assume they aren’t going to link it with the IRS, and make it available to any agency that asks.

If the plan is to offer a “money request” service and offer much the same functionality as Venmo, there will be a “for” line.

Even with credit card payments now, they are coded at a minimum.

Everything is logged always.

Post reply on HN