Current Events > Federal Reserve to release it's own Cashapp. 'FedNow'. Payments in seconds.

(+) Yeah! (+)

https://finance.yahoo.com/news/federal-reserve-to-launch-instant-payment-service-fednow-in-july-210022218.html

The Federal Reserve said Wednesday it will launch its long-awaited instant payment service FedNow in July.
The instant payment network will settle payments in seconds, with the capability to support consumer-to-consumer, consumer-to-merchant, merchant-to-merchant, and bank-to-bank transactions.
"With the FedNow Service, the Federal Reserve is creating a leading-edge payments system that is resilient, adaptive, and accessible," said Tom Barkin, president of the Federal Reserve Bank of Richmond and the FedNow Program's executive sponsor.
"The launch reflects an important milestone in the journey to help financial institutions serve customer needs for instant payments to better support nearly every aspect of our economy."
According to the Fed, a mix of banks of all sizes, including the largest processors and the U.S. Treasury, are on board. The central bank is continuing to speak with financial institutions and service providers to test the program ahead of its implementation.
"With the launch drawing near, we urge financial institutions and their industry partners to move full steam ahead with preparations to join the FedNow Service," said Ken Montgomery, first vice president of the Federal Reserve Bank of Boston and FedNow program executive.
Montgomery noted availability of the service is just the beginning, and growing the network of participating financial institutions will be key to increasing the availability of instant payments for consumers and businesses across the country.
Starting in the first week of April, the Fed will begin formally certifying banks to launch the service. Early adopters will have to conduct customer testing, informed by feedback from the FedNow Pilot Program, to prepare for sending live transactions through the system.
The Fed maintains making funds immediately available will help Americans living paycheck to paycheck or small businesses with cash flow constraints by avoiding late payment fees and freeing up working capital to finance growth.
Analysts say FedNow could also cut demand for payday loans as consumers won't have to wait for a check to clear. For businesses, there could also be upside for better paying suppliers on time, and businesses could embrace it as a less costly, and more certain, way to accept consumer payments.
Fed Governor Michelle Bowman said last year that FedNow, which will enable consumers and businesses to send payments instantly, could offer some of the same benefits as a central bank digital currency.

Ib4 somebody calls this the mark of the beast and how this will eventually become the only way to make payments and blah blah blah.

wackyteen posted...

Ib4 somebody calls this the mark of the beast and how this will eventually become the only way to make payments and blah blah blah.

Oh, right. I forgot we lived in America for a moment.

It blew my mind when I first learned etransfers weren't a thing in the US.

Like how is that possible in the year of our lord 20 and 23?

Just days after the Cash app founder is stabbed to death...

::Removes tinfoil::

It's about time

FinTech has been quietly expanding for a while now, especially in developing countries.

EnterTheTekken posted...

Just days after the Cash app founder is stabbed to death...

::Removes tinfoil::

https://gamefaqs.gamespot.com/a/user_image/5/6/8/AADAKwAADVB4.jpg

I wonder if this will put an end to all them cashapp scams out there.

EnterTheTekken posted...

Just days after the Cash app founder is stabbed to death...

::Removes tinfoil::

Nothing tinfoil about it brother

EnterTheTekken posted...

Just days after the Cash app founder is stabbed to death...

::Removes tinfoil::

https://m.youtube.com/watch?v=QhnsC2V4_0w

CanuckCowboy posted...

It blew my mind when I first learned etransfers weren't a thing in the US.

Like how is that possible in the year of our lord 20 and 23?

We live in a backwards country run by morons.

TaylorHeinicke posted...

Nothing tinfoil about it brother

So do you people think they bury people with any companies they founded or what

Master_Bass posted...

Oh, right. I forgot we lived in America for a moment.

This is America.

CanuckCowboy posted...

It blew my mind when I first learned etransfers weren't a thing in the US.

Like how is that possible in the year of our lord 20 and 23?

US banks have a strong lobby in Washington.

Great, how much will it cost me to use?

[LFAQs-redacted-quote]

Depends on the algorhythms, but that could be done.

All part of the plan to try to kill crypto, but crypto will never die.

EnterTheTekken posted...

Just days after the Cash app founder is stabbed to death...

::Removes tinfoil::

Lol

NicholasCage posted...

All part of the plan to try to kill crypto, but crypto will never die.

Hahahaahhahaha, hey, look at this post

CanuckCowboy posted...

It blew my mind when I first learned etransfers weren't a thing in the US.

Like how is that possible in the year of our lord 20 and 23?

banks like to take their fees for every transaction

NicholasCage posted...

All part of the plan to try to kill crypto, but crypto will never die.

This project will still likely involve Blockchain technology. It's impossible on a large scale without it. The question is whether the feds will use an existing one (decentralized) or create their own (centralized).

https://gamefaqs.gamespot.com/a/user_image/5/0/9/AASSvUAAEL8l.jpg

[LFAQs-redacted-quote]


Because it's dumb as hell for payments and transfers to take 2 to 3 business days

CanuckCowboy posted...

It blew my mind when I first learned etransfers weren't a thing in the US.

Like how is that possible in the year of our lord 20 and 23?

Seriously? The hell did they do until now?

Might sus of the Federal Reserve, the Federal Reserve has some explaining to do.

Haha, yeah we got to make sure they can tax us every time we make a personal sale or get money from a family member. Pass.

Also, the federal reserve is literally the enemy. Jerome Powell is the most harmful person in the entire country right now (unless youre the ceo of a massive monopoly).

I'll adapt if I have to but I really don't like the concept of just giving even more shit I need even more security for access to my money, fed backed or not.

It's really annoying lately.

Nice. I'll definitely use it.

Let's get a federal bank next please.

Thekiller37 posted...

Seriously? The hell did they do until now?

Third party apps. Could use ACH for free but you had to get the other person's banking info and it took 48 hours to fully clear.

Some banks started officially using third party apps recently which made this not as big of a deal. But they will probably switch to the Federal Reserve app now

Damn_Underscore posted...

Some banks started officially using third party apps recently which made this not as big of a deal. But they will probably switch to the Federal Reserve app now

People need to make a stink about this, the Federal Reserve shouldn't have this much power over consumer spending.

They couldn't pick a better name? They were better off calling it Eagle or some shit.

Shoulda called it The Clacks

Is this something we need?

Thekiller37 posted...

Seriously? The hell did they do until now?

We wait 2 to 3 business days for payments and transfers to go through.

WhisperWolf2005 posted...

Is this something we need?

Yes, because it shouldn't take 2 to 3 business days for a payment or a transfer to go through.

Hoppy800 posted...

People need to make a stink about this, the Federal Reserve shouldn't have this much power over consumer spending.

Federal Reserve just want

https://youtu.be/Sg14jNbBb-8

Tyranthraxus posted...

Third party apps. Could use ACH for free but you had to get the other person's banking info and it took 48 hours to fully clear.

Oof. That sounds rough when you want to repay someone for something minor and are really needing money you're expecting asap.

Master_Bass posted...

Oh, right. I forgot we lived in America for a moment.

Those kind of nuts exist elsewhere too. There was some guy at the store I work at the other day, he went out of his way to wait in the *one* lane that was card-only (due to the cashier not being trained in cash handling yet) then went on and on about how we "have to accept cash". Ykno, like we were doing at literally every other lane except the one he went out of his way to wait at.

CanuckCowboy posted...

It blew my mind when I first learned etransfers weren't a thing in the US.

Like how is that possible in the year of our lord 20 and 23?

The funniest thing is that etransfers and the whole Interac system in Canada have nothing to do with the Government anyways, it was literally just the banks getting together and figuring out how to more-efficiently and easily move money around.

Bio1590 posted...

The funniest thing is that etransfers and the whole Interac system in Canada have nothing to do with the Government anyways, it was literally just the banks getting together and figuring out how to more-efficiently and easily move money around.

Efficency? That's illegal in America.

Esotericism and pettiness is how we conduct business

MrKapowski posted...

https://gamefaqs.gamespot.com/a/user_image/5/0/9/AASSvUAAEL8l.jpg

https://youtu.be/OXDfujnwilk

Bio1590 posted...

The funniest thing is that etransfers and the whole Interac system in Canada have nothing to do with the Government anyways, it was literally just the banks getting together and figuring out how to more-efficiently and easily move money around.

the problem is if all transfers become instant and automated the banks can't charge that fee on every electronic purchase. or I guess they could, but it would be much more blatant "hey we're just taking some of the store's money" instead of "yeah we need this fee to cover costs"

even though Im sure it's all automated anyway with one guy checking shit occasionally