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FedNow Is Live

federalreserve.gov

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Re: FedNow Is Live

#881

Post by ric2b »

kelnos wrote: post #532
yieldcrv wrote: post #466

Earlier quoted context omitted.

Aside from playing devil’s advocate, do you have a sensible reason why it should be this way versus another way?

I would assume such a system is capable of facilitating fraud, so it's probably good to have some kind of financial hurdle you have to jump in order to use it? Not that having $25k or $50k is a guarantee that you aren't a fraudster, but I imagine there are a lot of would-be fraudsters who don't have that kind of cash on hand. I do think this is a bit of a weak justification, though.

So basically the Twitter Blue argument. If scammers can make more than 50k out of it, they'll pay it gladly.

Re: FedNow Is Live

#882

Post by EGreg »

callalex wrote: post #776
EGreg wrote: post #716

Earlier quoted context omitted.

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?

This is a non-sequitur because the governments resolve millions to billions of disputes every day without violence as well.

But without threat of violence?

What are you referring to?

Re: FedNow Is Live

#884

Post by nailer »

nailer wrote: post #824
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 (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. I have no idea about fednow but you can directly transfer an unlimited amount of USDC to someone in about a second for $0.0025 right now on Solana.

$0.000025, ahem.

Re: FedNow Is Live

#885

Post by throwawayForMe2 »

aeyes wrote: post #486
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

Is there anything special about the IBM MQ implementation which makes it worth naming them? It looks like you can connect to it using AMQP so I wonder why they wouldn't just say something generic like "MQ" or "AMQP protocol".

The Fed has been using IBM MQ for connectivity for over 20 years for their outward facing services such as Fedwire and National Net Settlement.

Re: FedNow Is Live

#886

Post by carlosjobim »

nativeit wrote: post #855
carlosjobim wrote: post #203

Earlier quoted context omitted.

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?

You attach for example a PDF file with the invoice, including bank account number etc. The person receiving the invoice logs into his or her online bank and pays it.

Since decent online banks will let you save the details of recipients, in practice it is very smooth and uncomplicated.

You could also receive and send invoices by fax, and there's nothing wrong with that.

Re: FedNow Is Live

#887

Post by rubyskills »

vxNsr wrote: post #843
kylehotchkiss wrote: post #562

Earlier quoted context omitted.

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.

Next business day. How long it takes can also depend on the receiving bank

Re: FedNow Is Live

#888

Post by memset »

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

What are the mechanics of IBM MQ’s exactly once delivery? What does the sequence diagram look like for a transfer?

Re: FedNow Is Live

#889

Post by rubyskills »

sgent wrote: post #701
eru wrote: post #687

Earlier quoted context omitted.

Can't you already send money from bank A to bank B without Venmo? Isn't that the whole point of bank transfers?

There are three methods to do so: 1) Write a physical check (2-10 days from deposit, usually 2) 2) Use ACH (a virtual check) (2-10 days, usually 2) 3) Fedwire which costs $10-$15 to both the sender and receiver (15 minutes).

Zelle exists and you can scan a check that was written to you (check 21)

Re: FedNow Is Live

#890

Post by amadeuspagel »

ric2b wrote: post #881
kelnos wrote: post #532

Earlier quoted context omitted.

I would assume such a system is capable of facilitating fraud, so it's probably good to have some kind of financial hurdle you have to jump in order to use it? Not that having $25k or $50k is a guarantee that you aren't a fraudster, but I imagine there are a lot of would-be fraudsters who don't have that kind of cash on hand. I do think this is a bit of a weak justification, though.

So basically the Twitter Blue argument. If scammers can make more than 50k out of it, they'll pay it gladly.

The few scammers that make more then 50k out of it can be caught manually.
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