Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

FedNow Is Live

federalreserve.gov

Post reply on HN
Print view View original

861–870 of 1001 posts

Re: FedNow Is Live

#861

Post by pyuser583 »

HoyaSaxa wrote: post #482
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?

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 great!

Re: FedNow Is Live

#862

Post by subsistence234 »

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.

That story only holds water on social media or clickbait news.

Re: FedNow Is Live

#863

Post by Nextgrid »

Wowfunhappy wrote: post #618
Frummy wrote: post #481

Earlier quoted context omitted.

In front of your eyes: TSO-ISPF for everything. IDz for the 5 seconds per month that code is actually written Test env: Separate permanent envs. From playground where nothing matters, env with some fake data in similar databases and variants of all systems, to mirror of prod with anonymised data, then prod There are dummy online banking web interfaces What sets it apart is that the operating system is painful to use…

> And your employer is paranoid and keeps you in a digital prison for security That, um, sounds reasonable to me in the context of what they're developing.

Not really.

Access to production and its data should be highly regulated. Ideally no dev machine has any kind of write access to prod - instead it's commit access to a (non-master) branch which needs multiple approvals to be merged into a release branch.

Access to dev environments and their local code? Who cares, let them explore. As long as all code is reviewed prior to deploying, they could even be developing on a compromised machine and the live system will still be secure.

Re: FedNow Is Live

#864

Post by subsistence234 »

tombert wrote: post #799
634636346 wrote: post #733

Earlier quoted context omitted.

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…

Well wait, maybe they gave up the deplatforming effort largely because it’s not as easy to deplatform an onion site as it is to harass web hosts on Twitter. Also, wasn’t a big complaint with KF their doxxing? Even if I didn’t do any bad or illegal things, I don’t really want a bunch of trolls knowing my address.

But if you HAD done bad things and they WERE documented on KF, you might try even harder to get it shut down. And if you had plenty money and influential contacts, and no moral qualms, you might succeed. Only temporarily though.

Re: FedNow Is Live

#865

Post by AdamN »

Nextgrid wrote: post #863
Wowfunhappy wrote: post #618

Earlier quoted context omitted.

> And your employer is paranoid and keeps you in a digital prison for security That, um, sounds reasonable to me in the context of what they're developing.

Not really. Access to production and its data should be highly regulated. Ideally no dev machine has any kind of write access to prod - instead it's commit access to a (non-master) branch which needs multiple approvals to be merged into a release branch. Access to dev environments and their local code? Who cares, let them explore. As long as all code is reviewed prior to deploying, they could even be developing on a…

Practically, if your dev machine was compromised by a targeted attacker, they could create commits using your identity and if they compromised another dev machine could approve those commits using their identity. Then the attack would only be visible in commit logs with low odds of discovery before release to prod.

Re: FedNow Is Live

#866

Post by snehk »

simonjgreen wrote: post #858

As a non-US person, just to confirm I'm understanding the implications of this, have near instant bank transactions not being a thing in the US until now?

Yes. Bank transfers aren't really a thing in the US. To send money to a friend you have to use a third party service like PayPal, Venmo or CashApp.

Re: FedNow Is Live

#867

Post by subsistence234 »

evantbyrne wrote: post #515
634636346 wrote: post #439

Earlier quoted context omitted.

There are still almost 5k banks in the US. Unlike Zelle, if this opens to all of them, all you need is one bank.

I presume the system uses bank account and routing numbers? So besides concerns with sharing that information with the public, concerned citizens will figure out who they bank with, and will most likely be able to easily pressure the bank to drop them. Certain things should be difficult to accomplish in a functional society anyways, and administering a profitable hate group is one of those things. If not bankrupted b…

they're not a "hate group," they're a "collecting embarrassing info on creeps" group. of course the creeps aren't happy about that, and frame it as "hate."

Re: FedNow Is Live

#868

Post by yurishimo »

H8crilA wrote: post #291
ArlenBales wrote: post #265

Question: Can this be used by a consumer to more conveniently and securely, and without 3rd party fees, sell things online or in-person? Example 1: Sell a graphics to someone on /r/hardwareswap. Currently using PayPal. Example 2: Sell car in-person. Currently go to bank and have buyer hand over cash to deposit in bank.

I hope so, when it trickles down to the commercial bank user level. That's how it works in pretty much the entire rest of the world. PayPal is mostly incomprehensible to Europeans, it solves a problem that they never had.

This isn't strictly true, at least in NL. Most domestic online businesses use iDeal for instant payments, but if you aren't shopping at an online retailer that explicitly supports it, you need to use a real credit card or Paypal as a pass-thru. Some businesses will support you sending a payment via IBAN, but then you're waiting days potentially for someone to reconcile the ledger manually and deliver your digital product.

Since I don't particularly enjoy having debt, Paypal is a nice middle ground as long as the fees aren't outrageous.

Re: FedNow Is Live

#869

Post by ehnto »

LadyCailin wrote: post #537
kelnos wrote: post #519

Earlier quoted context omitted.

> 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…

Credit card fees that aren’t passed through to you are a bit tragedy of the commons. Probably good for them to go away. It’s fine if you choose to pay them, and it’s still worth it to you, but otherwise you’re forcing everyone around you to subsidize your credit card rewards. That’s not fair.

Interesting, most credit cards with rewards I have seen in Aus have substantially higher interest rates which is where I assume they capture the cost of rewards back. Is that not the case in the US?

As for fairness, I agree they should go away. Companies with margin can swallow the fee, companies without could be unprofitable and make no sense if they don't pass on the fee. It's a practical reality of the dollars and cents, but it is a private apparatus we opt into so I guess we can't complain that much.

Post reply on HN