Posted on 09/05/2022 9:18:50 AM PDT by Pollard
The Federal Reserve is on track to deliver an instant payment service called FedNow between May and July 2023, the central bank's clearest timeline yet for a new system enabling settlement of U.S. payments in seconds.
The FedNow service also potentially negates the need for the creation of a central bank digital currency, or CBDC.
“The FedNow Service will transform the way everyday payments are made throughout the economy, bringing substantial gains to households and businesses through the ability to send instant payments at any time on any day, and the funds being immediately available to recipients to make other payments or manage cash flow efficiently,” Fed Vice Chair, Lael Brainard, said in a speech Monday.
The Fed has been testing the system with a limited number of banks and institutions, but Brainard called on financial institutions, service providers, and software companies to adopt the FedNow Service now to ensure the system will work smoothly come next spring.
"The time is now for all key stakeholders...to devote the resources necessary to support instant payments," said Brainard.
(Excerpt) Read more at finance.yahoo.com ...
FedNow Service, the United States Federal Reserve’s real-time payment project, is testing out blockchain technology.
Tuesday, the Federal Reserve officially launched the FedNow Service Provider Showcase, providing a range of services to help financial institutions and users implement FedNow Services, which will be available in 2023.
At launch, the showcase includes more than 70 profiles and service providers that support instant payments, including a New York-based blockchain company, focused on instant payment solutions, blockchain interoperability and central bank digital currencies (CBDC). The platform is known for being involved in Chinese blockchain projects, including cooperation with Suzhou City Municipal for the city’s development of blockchain Infrastructure.
Suzhou, alternately romanized as Soochow, is a major prefecture level city in southern Jiangsu province, East China, – and outer suburbs of the two global hubs meet. It is a major economic center and focal point of trade and commerce
The beginning of the end for cash and the predecessor to a digital dollar, complete with tracking?
commie brainard outed himself
he used the commie word stakeholders
” ... the predecessor to a digital dollar, ...”
-——————————Article-————————
” ... potentially negates the need for the creation of a central bank digital currency, or CBDC.”
When do they start mandating marks on the forehead to “quickly and easily” get your government payments?
Hackers Dream
FedNow instant payment system + China run crypto
Maybe not an official CBDC yet but it’s good for practice.
I might be able to save ten bucks a month on Wells Fargo Direct Pay.
First: It’s a nice service.
Then: Totally optional to use.
After that: Valid for all payments. Highly recommended, and we aren’t accepting any other form of payment.
Next: This is compulsory, and cash is now illegal.
Banning real money and giving you “Biden Spyware Bucks”
Bye bye Western Union
How long before every major retailer only accepts FEDNOW....3..2..1..
What God foretold WILL happen…nothing can stop His will. Praise God!
“Bye bye Western Union”
What about all the credit cards, atm cards, PayPal, Zelle, vemco, etc.?
This is what crypto currency was supposed to be - fast, free, and confidential (private).
With this, forget confidential. The federales will know every transaction you make on it instantly.
Somebody told me that some places such as ballparks and concert venues, are not taking cash anymore. You are required to use a debit or credit card, or services such as Apple pay or Pay Pal.
Cash is not yet illegal, but it seems that cash is being discouraged, and may eventually be done away with.
They think we're stupid ..... good.
Cypherium, a New York-based blockchain company, focused on instant payment solutions, blockchain interoperability and central bank digital currencies (CBDC). The platform is known for being involved in Chinese blockchain projects, including cooperation with Suzhou City Municipal for the city's development of blockchain Infrastructure.
Fed’s instant payment service ‘FedNow’ set to launch by July 2023
—
Wonder if this is going to go as well as the launch of NASA’s Artemis rocket?
SOOO—What method is used for a household to make payments???
I still write checks-—and do NOT with to quit doing so.
I-—along with MANY others-—do NOT use a cell phone.
I pay cash for small purchases-—lunch, etc.
SOOO—What method is used for a household to make payments???
I still write checks-—and do NOT wish to quit doing so.
I-—along with MANY others-—do NOT use a cell phone.
I pay cash for small purchases-—lunch, etc.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.