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FedNow Is Live

federalreserve.gov

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Re: FedNow Is Live

#701

Post by sgent »

eru wrote: post #687
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?

Can't you already send money from bank A to bank B without Venmo? Isn't that the whole point of bank transfers?

There are three methods to do so:

1) Write a physical check (2-10 days from deposit, usually 2) 2) Use ACH (a virtual check) (2-10 days, usually 2) 3) Fedwire which costs $10-$15 to both the sender and receiver (15 minutes).

Re: FedNow Is Live

#702

Post by mstibbard »

MiddleEndian wrote: post #663
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…

I think that was their point - the rest of the world solved this long ago, it is just the USA that lagged

Re: FedNow Is Live

#703

Post by astrange »

photochemsyn wrote: post #154

The best service the Fed could supply for the average American citizen is a federal checking account paying interest at the listed Fed rate.

The average American citizen probably wants to get a bank loan, which isn't possible if none of the banks have any funds to loan.

Re: FedNow Is Live

#705

Post by gtirloni »

TechBro8615 wrote: post #653
gtirloni wrote: post #581

Earlier quoted context omitted.

And it seriously rocks. It has been such a tremendous change to everyday life.

What happens when it becomes so good that it's the only option? There's no need for it to be profitable, so it can inevitably undercut private sector competitors. Do you want to live in a country where the central bank controls and monitors your ability to transact with other people? Just last year, the Canadian government weaponized "debanking" in an effort to quell peaceful protests against vaccination mandates. Th…

> What happens when it becomes so good that it's the only option?

Nothing is stopping banks from creating something better.

Re: FedNow Is Live

#706

Post by Brystephor »

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

If I am a merchant and want to get started by hooking up to the FedNow service, is that possible to do so with a direct connection?

If I am a service provider, and want to use the FedNow service to power one of my offerings, how can I get started with that?

Re: FedNow Is Live

#707

Post by astrange »

carlosjobim wrote: post #229
landemva wrote: post #26

Earlier quoted context omitted.

It makes me question why we allow government to be in charge of our money, and the price of money (interest rate meddling by govt contractor federalreserve). I suppose we grow up with it and don't question it.

Because you get bombed if you don't accept it. There's no "we have allowed", it is "they have imposed", and you and I were born into a slave system. Thank God there are ways to escape, such as crypto and foreign accounts.

You can't escape the US of all places with foreign accounts. You're actually famously unable to do that.

Re: FedNow Is Live

#708

Post by EGreg »

failuser wrote: post #660
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…

[flagged]

How can the USA flagrantly violate sovereign airspace and jurisdiction of other countries to assassinate people with drones?

Re: FedNow Is Live

#709

Post by landemva »

pas wrote: post #624
landemva wrote: post #497

Earlier quoted context omitted.

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"

why do you think it was a regulatory failure? it's not the Fed's job to make sure every bank has a sane business plan and rock solid conservative riskless strategy. its job is to make sure the entire system can take the stress of failing banks. the FDIC did its job too.

It's their job.

https://www.federalreserve.gov/supervisionreg/topics/capital...

The private club Federal Reserve branch in SFO was supposed to regulate SVB which had C-level executive on BoD of the regulator. The regulator failed to take prompt corrective action when SVB had capital inadequacy. SVB subsequently, months later, had inadequate capital to continue operating.

Re: FedNow Is Live

#710

Post by tomComb »

monkeywork wrote: post #679
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?

It sounds very much like some of the Interac services that we have here in Canada (and have had for ages). We can do what is called "email money transfer" where as long as I know your email address I can go into my bank app, transfer money to you and it will automatically show up in your bank account.

Except Interac is controlled by the big banks, for the big banks. To the best of my knowledge.
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