3 ms·

I'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 bala

I'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 ago
I think you’re a bit confused. FedNow is not consumer facing, you need an account at the Fed to use it.
sidewndr46 4y ago
As others have commented, there is none. This is not for individuals, it is for financial institutions.
- throw39847593 4y ago
  Are you sure? https://en.wikipedia.org/wiki/FedNow https://en.wikipedia.org/wiki/FedNow
  - guiambros 4y ago
    My 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 ago
It 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)

3 ms·

I'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 bala

by kylehotchkiss 4y ago

pgwhalen 4y ago
I think you’re a bit confused. FedNow is not consumer facing, you need an account at the Fed to use it.
sidewndr46 4y ago
As others have commented, there is none. This is not for individuals, it is for financial institutions.
- throw39847593 4y ago
  Are you sure? https://en.wikipedia.org/wiki/FedNow https://en.wikipedia.org/wiki/FedNow
  - guiambros 4y ago
    My 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 ago
It 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)