FedNow Is Live

Post by cyberax » Fri, Jul 21, 2023, 1:56 AM UTC

landemva wrote: post #561

phpisthebest wrote: post #531

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>>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.

Post by cubefox » Fri, Jul 21, 2023, 2:01 AM UTC

paradaux wrote: post #577

oorza wrote: post #548

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Alternatively, everyone not taking advantage of the credit card protections isn't taking advantage of what's offered around them. Everyone should be subsidizing everyone else, because no one should be using a debit card to make direct consumer purchases in 2023. It's too fraught with risk comparatively, and even the scummiest of the sub-prime credit cards give you a grace period to not accrue interest.

No one? That's a rather brash statement to make. Here in Ireland I can count on zero hands how many people use credit cards on a day to day basis. Debit cards are the norm in much of the EU I would assume.

Post by rowls66 » Fri, Jul 21, 2023, 2:03 AM UTC

msla wrote: post #540

rowls66 wrote: post #190

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There are already other options for instant payments in the US. The Zelle network and The Clearings House's RTP have been running for several years, and provide pretty good account reachability today. FedNow is the result of smaller banks and credit unions wanting an alternative to Zelle and RTP which are both owned by consortiums of the big banks. The expectation in the industry is that there will eventually be inte…

> The expectation in the industry is that there will eventually be interoperability between these systems Why? Why would the companies presumably making good money with Zelle interoperate with something that's stealing their customers? It seems like there's no advantage for the entity running Zelle to allow interoperability, and there might even be ToS language preventing any bank or credit union currently in Zelle f…

Post by sweetjuly » Fri, Jul 21, 2023, 2:06 AM UTC

caseysoftware wrote: post #34

iudqnolq wrote: post #20

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> On the other hand, it's going to let the government see every transaction you make Can you go into more detail here on what you think will change from the status quo? Existing bank transfers are obviously not secret from the government on request. While the government doesn't have direct access to run search heuristics on the whole dataset they just delegate that to the banks' internal compliance team.

If the government wants to tax these transactions - and let's admit it, they do - they'll take it right off the top. Unlike with the banking system where different banks have different prices for wires - or even free under certain conditions - you can't "shop around" for a new government. Further, if a government determines you are not an "acceptable" participant, they have the ability to stop transactions to/from yo…

Post by freddie_mercury » Fri, Jul 21, 2023, 2:07 AM UTC

IgorPartola wrote: post #661

system2 wrote: post #641

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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.