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FedNow Is Live

federalreserve.gov

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Re: FedNow Is Live

#851

Post by di4na »

TylerE wrote: post #804
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…

That sounds odd. I can't imagine netflix giving up the stickiness of automatic recurring billing to say <2% of the transaction cost.

You realise you can do this over bank account?

At least in the EU, a recurring billing over bank transfer is totally a thing...

Re: FedNow Is Live

#852

Post by sznio »

mattsan wrote: post #550
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?

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

Poland has BLIK, which links your bank account number to your phone number. Then, just send a transfer to the phone number instead of punching in the 26 digits of the account number. And if you don't want to share your phone number, you can use a temporary six digit code instead.

Re: FedNow Is Live

#853

Post by thrashh »

mavili wrote: post #301
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…

> This would cut alot of middle companies out of the payments industry Not really. All it will do is let the same companies change the way they handle average citizens' payments. It's the same as Open Banking in Europe. It is supposed allow small businesses to leverage this to enable innovation and all that stuff, but when you want to use these APIs you find there are limitations on who can actually use it. For examp…

50k is nothing. That’s not even the salary for one person in a year.

If you can’t scrounge together $50k to start a banking business, you probably should not be starting a banking business.

Bruh, I could get $50k right now if I go through a line of credit for small businesses as a regular person.

Re: FedNow Is Live

#854

Post by kylehotchkiss »

tjmc wrote: post #713

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.

Americans don't carry around checkbooks. They carry around credit or bank cards.

Re: FedNow Is Live

#855

Post by nativeit »

carlosjobim wrote: post #203
Mortiffer wrote: post #83

Amazing news. Kinda sad to see that Stripe was not on the list of early adopters but I'm sure they will implement it soon. In Switzerland we build an awesome eBill system ontop of the equivalent thing to FedNow. Its all run by Six Group which is the biggest Stock Exchange but it is jointly owned by the big banks and government. So they all agreed to add this eBilling system. Its so much superior to having paper come…

I've been receiving and sending all my bills and invoices by e-mail for the last decade, without any need for some awesome or amazing system. I'm sure millions do the same.

How does one attach money to an email?

Re: FedNow Is Live

#856

Post by TylerE »

di4na wrote: post #851
TylerE wrote: post #804

Earlier quoted context omitted.

That sounds odd. I can't imagine netflix giving up the stickiness of automatic recurring billing to say <2% of the transaction cost.

You realise you can do this over bank account? At least in the EU, a recurring billing over bank transfer is totally a thing...

From the GP:

"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 Netflix paying ~$0.50 in credit card processing fees per U.S. subscription they'll probably be able to find a bank willing to charge them NB that last sentense. FedNow does NOT support recurring.

Re: FedNow Is Live

#857

Post by jyrkesh »

tjpnz wrote: post #671
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.

One of those "confirmed" suicides occurred in Japan and the individual was also a US citizen. The US State Department doesn't list any suicides when it was said to have happened (June 2021 - there was one prior to that in May and another in February 2022). Reporting the death of a foreign national to their respective embassy is mandatory in Japan. https://travel.state.gov/content/travel/en/international-tra...

I assume you're talking about near (fka byuu)? Heartbreaking...such an unbelievably intelligent and insightful person.

I had the pleasure of getting a couple direct replies from them once on an obscure subreddit under my own realname account. That turned into a few DMs, and despite the fact that I was publicly working on tech completely antithetical to their technical views, they were so gracious and thoughtful and engaged...it was truly humbling.

I have my own thoughts on KF too...I wish the individuals responsible for their targeted and direct harassment had been held accountable. But I'll try to preserve some tact in their memory and leave it at that.

Re: FedNow Is Live

#859

Post by wslh »

Nemo_bis wrote: post #822
brewdad wrote: post #676

Earlier quoted context omitted.

More likely, everyone in charge of this project on the government side is over 55 and still think of IBM as a signal of quality and reliability.

Wasted opportunity though. The ECB is adopting Kafka. https://www.ecb.europa.eu/pub/pdf/other/ecb.prototype_summar...

Kafka is not the same of MQ.

Re: FedNow Is Live

#860

Post by tjmc »

kylehotchkiss wrote: post #854
tjmc wrote: post #713

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.

Americans don't carry around checkbooks. They carry around credit or bank cards.

With magnetic stripes. Your banks are adorable.
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