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FedNow Is Live

federalreserve.gov

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Re: FedNow Is Live

#991

Post by sudosysgen »

yieldcrv wrote: post #573
booleandilemma wrote: post #494

Earlier quoted context omitted.

Maybe not that specific example, but it's very true generally. You can get your account blocked for specific words in your Venmo payments: https://www.inc.com/tess-townsend/venmo-reportedly-blocking-... https://angelinatravels.boardingarea.com/2017/05/04/careful-... I tested one of these and had to send Venmo customer support an email explaining I was not a terrorist.

which once again has nothing to do with the government and everything to do with Venmo incorporated (Paypal Inc.) choosing to operate that way out of fear of the government

Current finance laws are such that if PayPal stopped having this kind of fear of the government it would likely go under. It's just a loophole to get around the 4th amendment.

Re: FedNow Is Live

#992

Post by ktosobcy »

rootusrootus wrote: post #124
ktosobcy wrote: post #93

Earlier quoted context omitted.

US attitude towards national IDs is amusing, lol

[Lightly] amusing is thinking there is a singular attitude in the US towards national IDs. And we already have several forms of national ID anyway.

Well yeah, generalisation is awful, but it has it gist here :-)

Re: FedNow Is Live

#993

Post by slipperlobster »

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?

One of the huge pain points I was responsible for was certification of certain payment terminals. Meaning, hardcoded PANs (personal account numbers) written to magnetic stripe cards (or, worse, EMV chips) that have to make physical contact with a reader to transmit data.

Up until a point, we were able to (easily) reproduce these messages via the ISO8583 message format via software. Makes certification much more automation-friendly.

Once we got into hardware encryption/decryption via HSM devices, it wasn't as easily done.

Re: FedNow Is Live

#994

Post by sneed_today »

634636346 wrote: post #733
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.

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…

Actually it is available via the clearweb - https://sneed.today.

Re: FedNow Is Live

#995

Post by toomuchtodo »

_praf wrote: post #356
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…

Column is building API's for our direct integration with FedNow: https://column.com/fednow/ The network of banks supporting FedNow is still small, so we may not see meaningful payment volume for a while compared to ACH, Wires, Checks, etc.

That you for staying true to your word!

https://news.ycombinator.com/item?id=31114620

Re: FedNow Is Live

#996

Post by culopatin »

EgregiousCube wrote: post #260
iudqnolq wrote: post #20

Earlier quoted context omitted.

> On the other hand, it's going to let the government see every transaction you make Can you go into more detail here on what you think will change from the status quo? Existing bank transfers are obviously not secret from the government on request. While the government doesn't have direct access to run search heuristics on the whole dataset they just delegate that to the banks' internal compliance team.

It lowers the cost of the government performing wide surveillance of financial activity; the fear is that lowering this cost will enable more advanced forms of detection and enforcement that ultimately look and feel like harassment.

What makes you think the government can’t look over the current system as easily?

Re: FedNow Is Live

#998

Post by EgregiousCube »

culopatin wrote: post #996
EgregiousCube wrote: post #260

Earlier quoted context omitted.

It lowers the cost of the government performing wide surveillance of financial activity; the fear is that lowering this cost will enable more advanced forms of detection and enforcement that ultimately look and feel like harassment.

What makes you think the government can’t look over the current system as easily?

As mentioned by a few folks elsewhere in these comments, if FedNow is wildly successful and takes a meaningful portion of payments, it centralizes information about lots of peoples' financial activity in one place, across banks and across payment platforms. This potentially leads to FedNow being a one-stop OLTP shop for governments to run queries against realtime data, or even build stream processing agents that filter or take action on patterns.

Currently, it would be more difficult to build this database as it's hodgepodged together from suspicious activity reports and subpoenas. There's of course the unknowable possibility that law enforcement and security agencies have secret ways of building a comprehensive realtime dataset - but, if they do exist, their secret nature reduces the scope of situations in which they can be used.

Re: FedNow Is Live

#999

Post by culopatin »

EgregiousCube wrote: post #998
culopatin wrote: post #996

Earlier quoted context omitted.

What makes you think the government can’t look over the current system as easily?

As mentioned by a few folks elsewhere in these comments, if FedNow is wildly successful and takes a meaningful portion of payments, it centralizes information about lots of peoples' financial activity in one place, across banks and across payment platforms. This potentially leads to FedNow being a one-stop OLTP shop for governments to run queries against realtime data, or even build stream processing agents that filt…

How is that different from ACH?

Re: FedNow Is Live

#1000

Post by CatWChainsaw »

EGreg wrote: post #5

Here we go. CBDCs are next, and also national Digital IDs. https://m.youtube.com/watch?v=uwRSzNTp2ko Real ID + needing it to browse anything on the Internet: https://community.qbix.com/t/the-coming-war-on-end-to-end-en... From what I see people on HN writing, by and large they downplay the risks of these as well as AI. Or alternately seem to suggest that CBDCs and national IDs are not coming, and that it’s a conspira…

It's kind of strange that in other threads HNers will lament the end of the nerd internet and how everything is corporatized and 1984 wasn't a manual, and then here they downvote you.
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