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FedNow Is Live

federalreserve.gov

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Re: FedNow Is Live

#711

Post by yieldcrv »

landemva wrote: post #390
foobarian wrote: post #282

Earlier quoted context omitted.

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

It's like a centralized exchange in which funds can be seized, censored, and the participating brokers are licensed. Nothing like bitcoin.

this is an odd consensus because you just described how all bitcoin exchanges in the US operate.

they are centralized in which funds can be seized, censored, and they all have money services licenses just like their corresponding banks do.

right, not like bitcoin, like bitcoin exchanges, just like the person said and you somehow ignored.

far more similarities than differences for this comment and the other comments at your level to be focusing on the differences and confused about the existence of similarities.

Re: FedNow Is Live

#712

Post by MiddleEndian »

mstibbard wrote: post #702
MiddleEndian wrote: post #663

Earlier quoted context omitted.

>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

I could see that. "Anybody from any country" could have included the US or meant "any other country."

But if it did include the US, it would have the assumption that Americans are unaware how terrible our payment systems are (generally untrue I think) or unaware that other countries have better systems (may or may not be generally true).

Re: FedNow Is Live

#713

Post by tjmc »

Well done America. This has been available for literally decades in Australia. I was doing bank transfers over the phone from a landline in the 90s before mobile phones were common and the internet was all dialup. I don't think I've been paid by cheque (check) since the 80's.

When I started dating my wife, she called me an old man for even owning a cheque book. That was in 2006.

Re: FedNow Is Live

#714

Post by rowls66 »

gumby wrote: post #200
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.

The fed lists a number of service providers on their page. I assume they will now roll out some interfaces. Glad to see the US banking system start to catch up with the rest of the world ca mid 90s.

I believe the service providers are offering services to banks.

Re: FedNow Is Live

#716

Post by EGreg »

throwaway894345 wrote: post #666
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.

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

A counterpoint — every day tons of financial disputes are handled by banks and insurance companies. Unlike with government, no violence is involved, and things go well. Why involve governments and violence when we can avoid the bad things without violence?

Re: FedNow Is Live

#717

Post by msla »

asah wrote: post #388
vel0city wrote: post #343

Earlier quoted context omitted.

I've been receiving my payments digitally from employers in the US for almost 20 years now. I've never in my life received a wage in cash, as in, hard dollars.

...but with days of delay, where someone else is keeping the interest. And maybe charging a transaction fee.

Do you have any actual reason to believe what you just posted?

Re: FedNow Is Live

#718

Post by [deleted] »

Brystephor wrote: post #706
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?

[deleted]

Re: FedNow Is Live

#719

Post by matchbok »

mighmi wrote: post #698
monkeywork wrote: post #679

Earlier quoted context omitted.

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.

The US already has Zelle which does this. However the roll out was botched, many banks don't seem to use it and most people (including me until a few months ago) thought it was a paypal competitor - but it's actually a government based system system which renders free transfers between bank accounts (your own or others) with a cap of 3 or 5k/month. The interface is very weird. Many people can't figure out how to use…

Zelle is most certainly not a government service.
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