857 New Fed payment system, FedNow, starts in July...it's starting (finance.yahoo.com) posted 75 days ago by swampthingy 75 days ago by swampthingy +857 / -0 Federal Reserve to launch instant payment service 'FedNow' in July The Fed's years-long project to stand up an instant payments system, FedNow, will finally be launched later this year. finance.yahoo.com 81 comments share 81 comments share save hide report block hide replies
This is the bullshit they're already rolling out to justify it: "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" (So, they're starting a massive digital payment system so people can avoid a few late fees ... uh-huh.)
Damn. It’s usually a, “it’s for the children! 😭” emotional appeal, but I guess they’re rolling with the garden variety, “it’s for the poor! 😭” this time around
It's for poor children
And climate change. Dooooon’t forget about climate change oh and Ukraine.
And especially Poor Ukrainian tomato farmers.
They're just as smart as white children!
This is the same thing as fedwire just modified to extend the hours. Fedwire has been in service processing digital payments for decades
No it's not. Fednow is CBDC-lite. Payment system for your everyday Joe which initially acts in coordination with banks and financial institutions. After they get that rolling smoothly they'll start offering direct services to serve the "poor unbanked". This means people have bank account directly with the fed. Then they'll try to demonstrate why it's silly to even use a bank when you can deposit direct to the fed where your money is insured to infinity and beyond. Then comes the dissolution of cash.
Cashless CBDC society is the goal to which FedNow is a huge step. It's not a secret.
The Clearing House has had this for 6 years now, called RTP. FedNow is mainly used for credit push items and not debits.
also wire/ABA transfers (Fedwire)
You would think banks would be against it because those fees add up...
Are SVB customers supposed to join the system in order to get their money back?
This should be stickied.
I read it. I am not a fan of yahoo as a sticky though. If ever you think something should be stickied let me know and I will look at it too.
OP should always archive before posting
It is best to have the metadata. So mobile users can see previews. I should make doggos get out of the cage and make an archive that has metadata....
If you do, please make sure you give him time to do his business.
I do not think it should be stickied. See my other comments
ty my friend. I like being called out on bad stickies too.
I can assure you this is the exact same system they already have in place for many years, just now the batch jobs that do processing run on the weekends and evenings now too. This is big marketing nothing more.
Government-tier marketing, without a doubt.
Hi I'm the Government and I'm here to help.
Helo. I am the Ukraine. Please sends more 100 billien amerika fun buks for freedumz.
Nailed it. And holds all deposits.
Not to mention that it’ll make rolling out the digital dollar much easier.
Maybe someone creates an AI that's purpose is just to hack and cripple fed systems we don't even know about yet. That could be fun.
“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.”
It would be wryly ironic if FedNow turned out to be a total piece of shit.
Astronaut pointing gun meme
Always has been
Nah. It won't be like every other fed program, weapon system, disaster response, woke hires, and "war" for the past...... oh at least 162 years.
Refuse to use whatever they roll out.
AUDIT THE FUCKING FED
You misspelled end
The audit comes first.
What is "it"?
The mark of the beast.
"Also it causes all, both small and great, both rich and poor, both free and slave, to be marked on the right hand or the forehead, so that no one can buy or sell unless he has the mark, that is, the name of the beast or the number of its name. This calls for wisdom: let the one who has understanding calculate the number of the beast, for it is the number of a man, and his number is 666." (Revelation 13:16-18)
then make a fuck'n law that says a bank CAN'T HOLD A CHECK FOR WEEKS BEFORE MAKING IT AVAILABLE SCREW WHAT YOU ARE PROPOSING
It is underway folks...
This isn't digital currency, it's a payment portal.
Correct, but it's a step in terms of enabling the adoption of CBDC.
Has Trump spoken on this?
Maybe he can add it to the list of things he will warpspeed for us.
here comes the mark of the beast! yippie! ok guys I'm doing a bingo thing - what do you think comes first; the mandatory "vaccine" update card being fully compliant to allow you to use your own money, or the push for the digital tatoo?
Hopefully I automatically get 600 fedbucks a week to help me survive.
You’ll get FedBux I’m sure, but it’ll have the purchasing power of a dime by the time they inflate the dollar away to monetize the National debt to a manageable level.
Sorry; your fedbucks payments have been declined due to your social media posts. Report to the gulags ASAP
Patriots respond to the Federal Reserve's payment system, FuckNo.
How else are they going to dispense the UBI payments, adjusted for equity, of course?
Stay away from this, this will lead to the mark of the beast. Read the Book of Revelations to understand.
Anyone accepting this is a colossal gay
whew.. thank goodness we have white hats stepping in to save us from this... huh?
Beginning of the End of Liberty
FedNow? How about FedNot?
Is it too late for FedNever!
My credit cards already do the same thing.
Refuse to use it
"Because the banking system isn't being stressed enough". - Jerome Powell, probably.
Aiming for CBDCs. I specifically mentioned this FedNow bullshit a good while back. Next, they'll make it so if you're on social security or any other government handout program, you can only get it through FedNow. This is their door to controlling all of the money.
AFAIK this has already been a thing for longer than I've been alive. More making a mountain out of a grain of sand.
Ain't no grain of sand high enough
goodbye Zelle, PayPal, Venmo, GooglePay, etc etc etc... and don't worry about those pesky 1099s and reports for your transactions over $600 either - all taken care of just for you automatically!
This is for banks , do you know a single person that has used Fedwire (which has existed for decades) This is not p2p
While not a source/citation I totally trust, are you saying that Yahell totally misquoted and/or misrepresented in their description of this service?
"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."
Please educate me!
It's ABA settled faster. So since consumers can link accounts to each other and transfer via ABA, I guess the old hag can claim consumer to consumer. If you want to see more about it visit their own site
Thank you for the link - but I prefer not to complete their questionnaire in order to access this information. It's been a year or five since I spent three or four decades handling Fed wire transfers, ACH payments and international SWIFT transmittance (requiring correspondent banks in the early days) so I am sure the technology has greatly advanced responding to the competition from the independent services like PayPal - which led to bank centric services like Zelle - which have now led to this evolution where absolute control of "currency" is the end game. I would suggest you may be well served in paying more attention to where it is going as opposed to how it is getting there.Good evening,
Ok all I can say from my knowledge is it's the same fedwire system enhanced for off hours settlements
“The goal is to make it possible for any American consumer or business to get, and send, money instantly, whether to/from a friend, a family member, a business or to pay a bill, and likewise, to enable participating financial institutions the ability to instantly clear and settle those payments.”
ABA settled faster
So this is basically Zelle?
No this is the Fedwire system with after hours and weekend functionality. Search yahoo money fedwire is on the news all the time
Guess what you're going to be FED now. 🤣
Y'all are retarded sometimes. Do a little research. Everyone has been using this system for decades
Really? Everyone? Where and when?
FedNow is an extension of Fedwire used by banks and financial institutions for a while
This is a ridiculous post. WTF does "it's starting" mean. What is starting?
"Just two more weeks and the beginning of the end is starting" is about what this shit sounds like. I'm not a fan of the federal reserve, or CBDC, or the federal government in general for that matter, but how is this such a terrible thing that we should be all biting our nails in fear over? Really, lets hear it, how is the ability to make a payment happen in real time in current year such a bad thing?
I remember this place 6 years ago, and it wasn't like this. it was HIGH ENERGY, now its just a bunch of dooming bullshit that never goes anywhere. I swear half of the people here are just addicted to misery.
They will also be able to make a payment not happen in real time based on your digital ID and social credit.