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FedNow Is Live

federalreserve.gov

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Re: FedNow Is Live

#731

Post by scarface_74 »

jowea wrote: post #582
oorza wrote: post #548

Earlier quoted context omitted.

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.

It is relevant that credit cards with good reward programs are more accessible to wealthier people, meaning that both people who don't use credit cards and poorer people with inferior credit cards are subsidizing them.

Even some secured credit cards offer rewards

https://www.cardrates.com/advice/secured-cards-with-rewards/

Re: FedNow Is Live

#732

Post by [deleted] »

ZoomerCretin wrote: post #522
lmm wrote: post #496

Earlier quoted context omitted.

A discussion forum similar to, say, Something Awful (or indeed HN), with a focus on mocking online misbehaviour and a reputation for unpopular political views.

>with a focus on mocking online misbehaviour and a reputation for unpopular political views. A less generous interpretation is that they coordinate harassment campaigns against transgender people and have caused at least three suicides.

[deleted]

Re: FedNow Is Live

#733

Post by 634636346 »

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.

Thankfully, the site is no longer available via clearweb, so we can just take its characterization by its harshest critics at face value, rather than having to actually read it ourselves and make up our own minds.

However, I do find it strange that the site now only being available through Tor--and thus not showing up in Google search results or being easily browsable by "normies"--seems to have been enough to assuage the people spearheading its deplatforming, since Tor should pose little of an impediment to those capable and willing enough to IRL harass and SWAT people (the purported real reason KF exists). It's almost as if their real concern is people being able to google them and find a site that comprehensively documents their bad, and perhaps illegal, behavior.

Re: FedNow Is Live

#734

Post by monkeywork »

tomComb wrote: post #710
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.

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

Interac is a company formed by the big banks in Canada to link all their networks and help insure we have uniformity. I believe it started as a way to standardize ATM machines and has grown to a bunch of other things and is largely why Canada was able to so quickly and completely adopt chip and pin and tap to pay literal decades before the US did.

Re: FedNow Is Live

#735

Post by scarface_74 »

Qworg wrote: post #391
no_wizard wrote: post #96

Is there going to be a universal SDK / API we can use with this? This would cut alot of middle companies out of the payments industry (or at least put pressure on lowering fees). That would be a huge win. Wish we could do the same for the credit card companies. Would be great if the Federal Government could intervene in some way to have Visa / Mastercard / American Express / Discover use the same API interface for pa…

Even when offered a more competitive option, consumers love credit cards - the merchant gets soaked, while they get cash back. Given how the networks are, you'd have to have an unprecedented collusion of merchants to break the credit networks open.

Every single study shows that people spend more when using credit cards than when using cash.

Re: FedNow Is Live

#736

Post by tootie »

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

Man I was talking about how badly IBM fumbled the last ten years of AI between getting Watson on TV and then getting sent back to the minors by every other player. And yet here they come with a bajillion dollar government contract to keep them afloat for another 100 years. Gotta tip the cap.

Re: FedNow Is Live

#737

Post by RockyMcNuts »

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]

is that a moral objection to cutting off Kiwi Farms, because a drone strike is more moral, fair, due process etc.?

or an argument on efficiency grounds, that the payment system is an insufficiently effective form of annihilation?

Re: FedNow Is Live

#739

Post by aussieguy1234 »

We've had something similar (OSKO/PayID) in Australia for a couple of years now. In our case it wasn't the government, but the private banks getting together to launch it themselves.

Unfortunately its a big target for scammers. Once the cash is instantly transferred, there is little to no chance of getting it back. There are no chargebacks like with credit cards and the instant nature of it means payments can't be reversed like the old bank transfers.

So its good for sending money to friends, family and trusted people, but not so great for buying anything online as your protections are basically zero.

Re: FedNow Is Live

#740

Post by rowls66 »

pezdeath wrote: post #337
ejz wrote: post #336

I know that these are famous last words on Hacker News, so I post them very hesitantly...but presumably this is bad news for Plaid, right?

Wouldn't it also be real bad news for Zelle? And in theory Venmo/Cashapp/etc

What I have heard is that the banks that own Zelle will try to convert it into a directory service mapping identifiers like email addresses and mobile numbers to bank account information. The actual payment clearing will move off of Zelle, and all payment clearing and settlement will happen on FedNow or The Clearing House’s RTP system. That makes some sense to me.
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