Fed Says 57 Firms Set To Use 'FedNow' Instant Payments After Late July Launch

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

[Tablizer]

...don't leave home without it"

Re:

[sheph]

If this takes off you won't be able to leave home without it. No buying. No selling. No paycheck. Imagine if you say the wrong thing on line, or question the efficacy and safety of a vaccine. The future will be interesting.

Re:

[CAIMLAS]

.... 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

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[account_deleted]

Comment removed based on user account deletion

Re:

[Frank Burly]

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?

[bumblebees]

And all the other services that is not needed in any other country where banks function as they should.

Re:

[DarkRookie2]

The banks function as they should here. You just have to be a billionaire to get any sort of benefit from it.

Re:

[Pinky's Brain]

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?

[smohan.kumar]

In India, we have very good inter bank transfer. It is also very cheap. But it still does not stop paypal like providers from having a foothold.

Re:

[CAIMLAS]

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 ...

[davidwr]

... what took so long?

This seems like something that could've been done 20 years ago.

Re:

[Pinky's Brain]

Bureaucrats didn't want to work shifts, weekends and holidays.

Re:

[arglebargle_xiv]

On behalf of the rest of the world, I would like to welcome the US to the 1990s.

So what is this?

[Pinky's Brain]

Is this just ACH v2?

Re:

[TykeClone]

yes - pretty much ACH that settles that day.

Re: So what is this?

[brickhouse98]

As far as I know it settles within seconds. Huge upgrade from what we have now.

Re: So what is this?

[chill]

Essentially, but open 24x7x365, and 1/5 the transaction cost, and much faster.

Finally

[backslashdot]

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.

Re:

[markdavis]

^^^ 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...

Re:

[brickhouse98]

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.

Re:

[markdavis]

>"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

[vasanth]

Let's talk about India for a minute. You know, this developing country has got its act together when it comes to systems and tech. Check this out: in India, you can transfer money instantly and for free from any bank or account nationwide. And get this, they even let you pay by simply scanning QR codes, no charges involved! They've got a bunch of cool standards and platforms like NEFT, RTGS, IMPS, and UPI. Just UPI alone recorded a whopping 9.41 billion transactions last month. Can you believe that? But h

Re:

[b3nparker]

The Netherlands also has a very simple no-fee inter-bank payment system called Ideal. It has existed since 2005 and now handles 70% of Dutch transactions. Users (businesses, your friends, etc) provide a link or QR code to request payment. No fees. The simplest method is to scan the QR code with your banking app and complete the payment. Pay a friend back, pay online merchants, pay utility bills, whatever. You also don't need a credit card for large purchases. Merchants allow paying in installments using s

The list of participating institutions

[Wabbit Wabbit]

https://www.frbservices.org/fi... [frbservices.org]