FedNow Is Live • Hacker News Board

Re: FedNow Is Live

#921

Post by kaiuhl » Fri, Jul 21, 2023, 1:52 PM UTC

Symbiote wrote: post #904

scarface_74 wrote: post #728

Earlier quoted context omitted.

I’m going to lose $30 a month in discounts with T-mobile if I don’t switch to debit card or checking account. T-mobile has a horrible history when it comes to security. I definitely don’t want to give them access to my checking account

What are the rights of the T-mobile customer in the USA, if they somehow do mess up an automatic bill payment? I'm searching using the European/international term for this sort of payment ("direct debit usa") which gives me API documentation from many American payment providers, but nothing about the customer's rights. I assume it's the technical term there, and there's another term used with the public. (In Britain…

ACH has many of the same consumer protections as credit card networks. The window is 60 days instead of 90 days and the dispute outcome is always in your favor—merchants cannot respond to the dispute or win.

Re: FedNow Is Live

#922

Post by sam345 » Fri, Jul 21, 2023, 1:53 PM UTC

Most of the comments below are about the tech. Is no one concerned about the privacy concerns that the government now has easy access to all payments made through this?

Re: FedNow Is Live

#923

Post by [deleted] » Fri, Jul 21, 2023, 1:56 PM UTC

1000bestlives wrote: post #906

evantbyrne wrote: post #515

Earlier quoted context omitted.

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…

Nobody on KF is innocent. You talk like someone who has a thread about them

[deleted]

Re: FedNow Is Live

#924

Post by carimura » Fri, Jul 21, 2023, 2:07 PM UTC

would this now place the Fed in between transactions where it wasn't before?

Re: FedNow Is Live

#925

Post by kaiuhl » Fri, Jul 21, 2023, 2:10 PM UTC

rubyskills wrote: post #887

vxNsr wrote: post #843

Earlier quoted context omitted.

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

Yes, and only next day settlement. Because there’s no real time authorization, payments have two business days after settlement for the banks to report ordinary failures like insufficient funds.

How quickly a bank responds in that window depends greatly on the bank. In practice at decent scale, we see banks using every possible hour of that two day window to fail transactions.

An ACH debit made on Friday night technically has until open of business Wednesday to fail.

Re: FedNow Is Live

#926

Post by tekknik » Fri, Jul 21, 2023, 2:12 PM UTC

erickf1 wrote: post #335

uses wrote: post #166

Earlier quoted context omitted.

Currently this works between banks only. Banks have reserves at the Fed, and those reserves are what gets adjusted when a FedNow transaction happens. The banks then adjust their own records on their customers' behalf.

It won't take long before all banks are using it. Once the banks are using it, employers will begin making payments using it. Once employees are receiving digital currency payments from employers, cash will end soon after.

Why are so many people gleeful at the idea of “cash ending”? What problems does cash cause that have people hating on it so much?

Re: FedNow Is Live

#927

Post by tekknik » Fri, Jul 21, 2023, 2:13 PM UTC

landemva wrote: post #382

vel0city wrote: post #343

Earlier quoted context omitted.

I've been receiving my payments digitally from employers in the US for almost 20 years now. I've never in my life received a wage in cash, as in, hard dollars.

I received W-2 wages in cash in the military. I suppose I'm old.

These days they have you setup an account in basic, and setup direct deposit.

Re: FedNow Is Live

#928

Post by throwaway894345 » Fri, Jul 21, 2023, 2:14 PM UTC

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?

The parent is claiming a serious harassment campaign which seems functionally equivalent to violence. Both are harmful, illegal activities. Also, no one is advocating violent government intervention.

Re: FedNow Is Live

#929

Post by daveambrose » Fri, Jul 21, 2023, 2:18 PM UTC

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

commenting here solely for the fact you have a great username. go Georgetown!

Re: FedNow Is Live

#930

Post by tenacious_tuna » Fri, Jul 21, 2023, 2:22 PM UTC

connordoner wrote: post #892

slipperlobster wrote: post #621

Earlier quoted context omitted.

That's really interesting. I worked in PCI (payment cards industry) and we had terminals we could relay the ISO8583 messages through, eventually opting to emulate via software for obvious reasons. Always so cool to hear about this sort of stuff.

For someone entirely outside of the payments space, what are those obvious reasons please?

generally having to rely on a piece of hardware for high-iteration software development is very unpleasant, so my guess is they chose to abstract what the hardware would do in software for testing/development.