Fed Says 57 Firms Set To Use 'FedNow' Instant Payments After Late July Launch (reuters.com) 27
The U.S. Federal Reserve announced on Thursday that 57 firms have been certified to utilize its "FedNow" instant payments system after it launches in late July. From a report: The Fed did not provide a specific date for the launch, but 41 banks and 15 service providers, including large firms like JPMorgan Chase, Bank of New York Mellon, US Bancorp and Wells Fargo, have completed formal testing and will be ready to provide instant payments after the new service is live.
Federal Reserve Express (Score:1)
...don't leave home without it"
Re: (Score:2, Interesting)
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.... because they can't do it? They do not have that degree of centralized control.
FedNow effectively gives all control over both credit and banking to the federal government. There will be no "late" on child support, you'll simply have it taken. There will be no "late" on property tax, it'll all be done for you.
They won't have to orchestrate anything with banks to deny access to cash withdrawal - there simply won't be any cash withdraw to speak of.
Imagine being unable to open a bank account or shop in a gr
Comment removed (Score:5, Informative)
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There will be no "late" on child support, you'll simply have it taken. There will be no "late" on property tax, it'll all be done for you.
This is the most normal part of your post and it sounds paranoid, not least because child support and property taxes are state-level garnishments/writs. Do you have any evidence supporting your claim that the Feds would do this at all, or that states could do it without the same legal rigamarole as 1998 AD?
What will PayPal say? (Score:4, Insightful)
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Paypal is also an escrow and dispute settlement service, same as credit cards.
An at will low cost bank transfer doesn't really remove the need.
Re: What will PayPal say? (Score:1)
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Paypal, Square, and similar services are almost certainly involved already if they have investment banks involved. This will "save them money and resources".
My only question is ... (Score:1)
... what took so long?
This seems like something that could've been done 20 years ago.
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Bureaucrats didn't want to work shifts, weekends and holidays.
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So what is this? (Score:4, Insightful)
Is this just ACH v2?
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Re: So what is this? (Score:2)
Re: So what is this? (Score:2)
Essentially, but open 24x7x365, and 1/5 the transaction cost, and much faster.
Finally (Score:5, Funny)
I've been looking for a convenient way allow the feds to just take all the money they want from me. How thoughtful of them, I definitely appreciate them solving my biggest concern.
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^^^ This
Now the Federal government will be able to even more easily spy on citizens without going through much work and cut off money from "the deplorables" whenever they like. But, I am sure it would be in the name of anti "terrorism", "white supremacy", "hate speech", "misinformation" or just something they don't want you to buy, or whatever other invented excuse. And I am sure there will be a swift "due process" for such action...
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>"The fact you think this tells me you don't know a single thing about what this actually is. It adds literally nothing that ACH didn't have before."
I think difference is the push to use it for regular transactions. But I admit, I don't know a lot about it (and would like to know more).
India digital payment (Score:2)
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The list of participating institutions (Score:2)
https://www.frbservices.org/fi... [frbservices.org]