4 ms·
Federal Reserve Announces July Launch for the FedNow Service
- kylehotchkiss 4y agoI'm so excited for this. It'll be nice to get away from cash app, iMessage cash, Venmo, etc. It'll also be nice to pay bills and see that reflected in bank balance immediately instead of in 3 days. What's the process for a transfer? How do you "address" your recipient to send funds?
- pgwhalen 4y agoI think you’re a bit confused. FedNow is not consumer facing, you need an account at the Fed to use it.
- sidewndr46 4y agoAs others have commented, there is none. This is not for individuals, it is for financial institutions.
- throw39847593 4y agoAre you sure? https://en.wikipedia.org/wiki/FedNow https://en.wikipedia.org/wiki/FedNow
- guiambros 4y agoMy understanding is that FedNow is the protocol layer. Interested financial institutions will use FedNow to build their own customer-facing applications, and they will be interoperable with each other. This means you don't need Zelle, Venmo, Cash app, etc. You can simply use your bank's implementation of FedNow, to easily send money to any other user in the system. That is a fantastic step forward. Several other countries have implemented country-wide instant payment platforms (e.g. Pix in Brazil [1]), but the US was still lagging behind. [1] https://en.wikipedia.org/wiki/Pix_(payment_system) https://en.wikipedia.org/wiki/Pix_(payment_system)
- toomuchtodo 4y agoIt will be an alias such as an email or phone number: https://corpgov.law.harvard.edu/2020/08/31/fednow-the-federal-reserves-planned-instant-payments-service/ https://corpgov.law.harvard.edu/2020/08/31/fednow-the-federa... https://www.federalregister.gov/documents/2020/08/11/2020-17539/service-details-on-federal-reserve-actions-to-support-interbank-settlement-of-instant-payments https://www.federalregister.gov/documents/2020/08/11/2020-17... (Control-F alias on both pages)
- Dnguyen 4y agoIs this an attempt to collect taxes on business transactions that currently some are not being reporting with Venmo, etc.?
- toomuchtodo 4y agoIt’s instant payment infra that can replace ACH, some wire volume, and some credit card volume. You can move up to $100k in value for pennies (but probably free, depending on your financial services provider). Think Zelle for every US demand deposit account, with the network run by the US Federal Reserve. No more need for Venmo, Cash App, PayPal, etc.
- kranke155 4y agoIm in Brazil and they already have this. Pretty incredible how long its taken to make its way to the US.
- JoeJonathan 4y agoI hadn’t visited in a few years and was shocked to see how ubiquitous Pix has become! People use it to pay at stores and restaurants. And even before Pix, domestic bank transfers were already instantaneous.
- kranke155 4y agoPeople selling coconut water on the streets of Recife will accept PIX. It’s changed the country quickly.
- sidewndr46 4y agoNothing about "FedNow" is targeted at individuals. It's for financial institutions.
- toomuchtodo 4y agoIt is infrastructure for banks to provide instant payments to banking customers if you want to be pedantic. https://www.frbservices.org/binaries/content/assets/crsocms/financial-services/fednow/general-use-case.pdf https://www.frbservices.org/binaries/content/assets/crsocms/... > The FedNow Service will facilitate end-to-end instant payment services for consumers and businesses, increase competition, and ensure equitable access to banks of all sizes nationwide. https://corpgov.law.harvard.edu/2020/08/31/fednow-the-federal-reserves-planned-instant-payments-service/ https://corpgov.law.harvard.edu/2020/08/31/fednow-the-federa...
- deleted 4y ago[deleted]