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FedNow Is Live

federalreserve.gov

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Re: FedNow Is Live

#931

Post by maerF0x0 »

maerF0x0 wrote: post #324
candiddevmike wrote: post #205

Earlier quoted context omitted.

That already exists today, food stamps/SNAP/EBT for low income and dollars for everyone else I'd just as soon give everyone dollars via UBI

afaik food stamps/SNAP/EBT is a charitable thing though, right? ie, the recipients are not trading labor for it, right?

cannot edit, but would like to say

I actually prefer we give out UBI, in a tracked manner, as well.

"cash" they can spend on anything, but with data collection so we can do society improving retrospectives on how it was spent.

Re: FedNow Is Live

#932

Post by Goronmon »

carlosjobim wrote: post #886
nativeit wrote: post #855

Earlier quoted context omitted.

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.

In many cases that is just the bank printing a check that is mailed to the recipient.

Sure, it works. But it's super slow and archaic. In the same way some people think people writing personal checks works, but others think its ridiculous.

Re: FedNow Is Live

#933

Post by delfinom »

astrange wrote: post #684
jowea wrote: post #589

Earlier quoted context omitted.

Good question. Did that happen in any other country with faster payments? And SVB collapsed fast before this.

Part of the reason SVB collapsed is they couldn't get paid by government insurance fast enough IIRC.

SVB largely did not qualify for any government protections beyond the FDIC limits. The bailout we gave them was shameful.

Re: FedNow Is Live

#934

Post by tacocataco »

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.

Wouldn't people who steal money have more money then people who dont?

Re: FedNow Is Live

#935

Post by delfinom »

dylanlacom wrote: post #417
Analemma_ wrote: post #262

Earlier quoted context omitted.

Are you under the impression that ACH, the thing FedNow is replacing, is free from government influence? This is what's bizarre to me about the FedNow hysteria. It's not a government system replacing a private market system. It's a government system replacing an older, worse government system. It's like having a panic attack because the Federal Reserve is updating their PCs to from Windows XP to Windows 10.

Because Nacha (and ACH) is explicitly not a government system

Nacha governs the ACH network and does not operate anything. The actual processing is split between the Fed and a company called Clearing House.

Re: FedNow Is Live

#936

Post by delfinom »

just-ok wrote: post #637
kelnos wrote: post #545

Earlier quoted context omitted.

Ignoring the fact that FedNow doesn't change much in this regard... I'm torn on this. Visa, MasterCard, Venmo (aka PayPal), etc. all know about large subsets of my transactions, and they go and sell my personal data to other companies in sleazy ways to cover their costs. Is that better or worse than the government knowing all this stuff? Sure, the government can also legally use force against me and deprive me of my…

Can’t the government just buy this data from them, anyway?

They can and do. The government doesn't need a warrant to buy data from a databroker selling your information wholesale.

Re: FedNow Is Live

#937

Post by delfinom »

cryptonector wrote: post #814
iudqnolq wrote: post #50

Earlier quoted context omitted.

> If the government wants to tax these transactions - and let's admit it, they do - they'll take it right off the top. If the federal government wants to tax things they indeed can. But I was asking about a chance from the status quo. If you owe the US government money right now they can take it out of your bank account. > Unlike with the banking system where different banks have different prices for wires - or even…

> But I was asking about a chance from the status quo. > If you owe the US government money right now they can take it out of your bank account. Yes, but they can't see your transactions unless they go ask your bank. Now, they could do that, but they're not set up to do this for all transactions. FedNow changes that for all transactions within FedNow. The government wouldn't start taxing transactions until FedNow is…

>wouldn't start taxing transactions until FedNow is the only game in town or all other payment systems also give them that kind of visibility.

....Or they can just demand banks immediately start taxing transactions per merchant codes _right now_ without FedNow. And the banks would comply. They don't need real time visibility. The bank could take money off the top and/or send the tax form required to you at the end of year and IRS just like anything else. It would just be similar to Form 8949.

Re: FedNow Is Live

#939

Post by droopyEyelids »

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…

How could stripe adopt this? Accounts are limited to depository institutions, aka banks. Stripe is a money transmitter, and their customers are businesses.
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