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FedNow Is Live

federalreserve.gov

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Re: FedNow Is Live

#841

Post by yanderekko »

EGreg wrote: post #716
throwaway894345 wrote: post #666

Earlier quoted context omitted.

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?

>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?

Good point, maybe the private financial institutions (or more!) of the country should lean into this and offer a shadow legal system whereby anyone can bring suit for any allowable reason with the ultimate threat being a sort of (nonviolent!) exile from digital society. That could surely not go wrong.

Re: FedNow Is Live

#843

Post by vxNsr »

kylehotchkiss wrote: post #562
mattsan wrote: post #550

Earlier quoted context omitted.

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

No, Wire Transfers have been the official fast settlement method in US for a while. They have a fixed fee associated but given the larger transaction amounts that people generally use it for, it's not a bad thing. Everyday consumers have their silly apps for money transfer (PayPal, Cash app, iMessage Cash). Other than that, people are just used to transactions taking 2-3 days and over drafting because they made anoth…

ACH has been next day for like 2 years now at least with every bank and employer I’ve used. I’m sure there’s some banks that didn’t join the next day system, but I haven’t experienced it. Then again being part of a credit union has lost a lot of its allure these last few years, so maybe that’s where you’d see that sort of thing more.

Re: FedNow Is Live

#844

Post by morbidious »

wtmt wrote: post #252

This is a bit off topic for the post, but relevant for some of the comments here. For those who are commenting about payment systems in India and comparing this to UPI (Unified Payments Interface), this is not like UPI in a few ways. Firstly, this is more closer to a faster version of RTGS (Real Time Gross Settlement) in India, which is operated by the RBI (Reserve Bank of India). Speaking from experience, RTGS in In…

I don't think you are drawing the right parallels here. RTGS is only meant for transactions where sums to be transferred are very large. It only accounts for 0.24% of all transactions. While UPI and IMPS guarantee instant payments and account for 57.27% of all transactions.

Re: FedNow Is Live

#845

Post by seydor »

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

Can this be extended to be global at some point? It seems SEPA instant payments in the EU also use ISO 20022

Re: FedNow Is Live

#846

Post by ivanvg »

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

Ironical that same system in Russia, was built (around 5 years ago) using _exactly_ same set of technologies (and many others of course). Central Banks fucking loves IBM

Re: FedNow Is Live

#847

Post by heywhatupboys »

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.

> They were deplatformed for coordinating harassment campaigns that resulted in at least three confirmed suicides. That is not protected speech.

and how many has reddit lead to?

Just admit that they were deplatformed because a very powerful person pulled their strings at our frigging backbones of the internet for personal favors, and got the site banned there.

Re: FedNow Is Live

#848

Post by withinboredom »

kelnos wrote: post #519
HoyaSaxa wrote: post #482

Earlier quoted context omitted.

Yes, that is absolutely a use case. Similar to Venmo, there is also a Request for Payment (RFP) mechanism. I'm on the Request for Payment (RFP) Work Group that is composed of a number of financial institutions, service providers, and billers. Netflix is part of the RFP Work Group. So presumably they are interested in offering consumers the ability to pay for Netflix using FedNow instead of a credit card. Instead of N…

> So presumably they are interested in offering consumers the ability to pay for Netflix using FedNow instead of a credit card. I do wonder how stuff like this will shake out. I will use a credit card, always, with any vendor that doesn't pass along credit card fees to the customer in some way. (Why would I choose otherwise? The credit card gives me rewards, and better fraud protection.) But more and more, I see comp…

I moved to Europe in 2018. The banking system is decades more advanced than the US. At least where I am, no restaurant will “split a check” and one person is expected to pay. We settle the bill between each other in a matter of seconds.

Most bills are paid using this exact system. Credit cards are very rarely used except in-person. Since you have to accept (or tell your bank to always accept certain vendors) debits using this system, there’s never any surprises. You usually have nearly a week to accept a debit.

Re: FedNow Is Live

#849

Post by heywhatupboys »

634636346 wrote: post #733
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.

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 assuag…

> Thankfully, the site is no longer available via clearweb

it's a frigging gossip site. Much worse has been posed to facebook. I don't agree with ANYTHING non-court-ordered takedown of sites.

Not to mention: it was ONE person with powerful personal connections to the internet backbones that got a personal favor.

They even harassed the WIFE of the lawyer representing KiwiFarming

Re: FedNow Is Live

#850

Post by redditor98654 »

vxNsr wrote: post #840
Animats wrote: post #830

Earlier quoted context omitted.

"Hell, T-Mobile just started requiring you not use a credit card to get their $5/mo autopay discount." Yes. Visited a T-Mobile store to set that up. Brought in a voided check. Said "Set up an ACH transfer, please." "What's an ACH transfer?" Took about half an hour, two rejects from the T-Mobile payment system with both me and the clerk checking the numbers, and a conversation with Bank of America customer support ("W…

Yea BoA is not the most consumer friendly bank. I specifically have checking accounts with 4 different banks to capitalize on the various services they all offer, and to avoid being caught by a bank run type situation (or even just a bank’s services being down for a technical reason).

I am looking to move as well. What bank would you recommend for a checking account from the ones you have used?
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