4 ms·

> ... it's also annoying that the USA doesn't have a simple bank transfer system like many other countries do. FedNow is here and live.

kasey_junk 3y ago
Lots of other countries offer direct to consumer rails. I think fednow is an absolute improvement over ACH but it’s still way behind some of the peer payment systems out there.
FireBeyond 3y ago
For a couple of initial test institutions in limited cases. It's coming, but it's not really "here and live" fully yet.
- arcticbull 3y ago
  Not everywhere I guess but US Bank, Wells and JPMC have it [1]. Whole bunch more have RTP too. [2] [1] https://www.frbservices.org/news/press-releases/072023-fednow-live-announcement https://www.frbservices.org/news/press-releases/072023-fedno... [2] https://www.theclearinghouse.org/payment-systems/rtp https://www.theclearinghouse.org/payment-systems/rtp
asu_thomas 3y ago
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stephenhuey 3y ago
FedNow is live, but not quite "here" since I can't personally send money to my neighbor with it yet. I'll be interested to see how the implementation looks to an end user such as myself, and how I can verify the identity/destination of the recipient. A little over a month ago, the Los Angeles Times said JPMorgan Chase would offer it soon. The JPMC website has a page about how people can implement it through their platform. However, when I log into my Chase account and search for fednow, this is what I get: You asked: "fednow" We're sorry but we need more details to give you a complete and accurate answer. Can you please rephrase your question? https://www.jpmorgan.com/payments/solutions/fednow https://www.jpmorgan.com/payments/solutions/fednow https://www.latimes.com/business/story/2023-07-29/heres-now-the-fednow-instant-payment-service-works https://www.latimes.com/business/story/2023-07-29/heres-now-... https://www.frbservices.org/financial-services/fednow https://www.frbservices.org/financial-services/fednow
sidewndr46 3y ago
FedNow is not a service for end users. It's a service for banks.

kasey_junk 3y ago

Lots of other countries offer direct to consumer rails. I think fednow is an absolute improvement over ACH but it’s still way behind some of the peer payment systems out there.

FireBeyond 3y ago

For a couple of initial test institutions in limited cases. It's coming, but it's not really "here and live" fully yet.

arcticbull 3y ago
Not everywhere I guess but US Bank, Wells and JPMC have it [1]. Whole bunch more have RTP too. [2] [1] https://www.frbservices.org/news/press-releases/072023-fednow-live-announcement https://www.frbservices.org/news/press-releases/072023-fedno... [2] https://www.theclearinghouse.org/payment-systems/rtp https://www.theclearinghouse.org/payment-systems/rtp

asu_thomas 3y ago

[dead]

stephenhuey 3y ago

FedNow is live, but not quite "here" since I can't personally send money to my neighbor with it yet. I'll be interested to see how the implementation looks to an end user such as myself, and how I can verify the identity/destination of the recipient. A little over a month ago, the Los Angeles Times said JPMorgan Chase would offer it soon. The JPMC website has a page about how people can implement it through their platform. However, when I log into my Chase account and search for fednow, this is what I get: You asked: "fednow" We're sorry but we need more details to give you a complete and accurate answer. Can you please rephrase your question? https://www.jpmorgan.com/payments/solutions/fednow https://www.jpmorgan.com/payments/solutions/fednow https://www.latimes.com/business/story/2023-07-29/heres-now-the-fednow-instant-payment-service-works https://www.latimes.com/business/story/2023-07-29/heres-now-... https://www.frbservices.org/financial-services/fednow https://www.frbservices.org/financial-services/fednow

sidewndr46 3y ago

FedNow is not a service for end users. It's a service for banks.