Federal Reserve’s FedNow Real-Time Payments Set for Mid-2023 Debut

CoinDesk ^ | 8/29/22 | Cameron Thompson

[EBH]

The U.S. Federal Reserve has tightened the window for the launch of its FedNow instant payments platform to between May and July of 2023.

According to a press release, FedNow will be open to financial institutions of any size, allowing them to facilitate instant payments for consumers and businesses, giving customers immediate full access to funds. The platform is currently in pilot phase with more than 120 organizations participating, including lender U.S. Bank and payment processor Alacriti Payments among them. Initially announced in August 2020 by then-Fed Governor (now Vice Chair) Lael Brainard, the FedNow platform is seen as a stepping stone to an eventual central bank digital currency (CBDC).

"The benefits of instant payments are increasingly important to consumers and businesses, and the ability to provide this service will be critical for financial institutions to remain competitive," Ken Montgomery, FedNow Service program executive, said in the central bank’s press release.

[cranked]

Confirmed: 1984 was a documentary.

[packagingguy]

Now they can track you political donations. I’m sure they won’t be interested in that. Move along.

[sten]

Centralized absolute control of YOUR money directly by fedgov.

What could go wrong.

Sorry, I’ll stay with the distributed options that work like cash ... or just cash. Thx

[butlerweave]

What about Biden removing Cash Dec 13 and replacing it with Digital Spyware Biden Bucks ?

[butlerweave]

Wait , FedNow instant payments platform is they take what they want when they want from your bank account ?

[EBH]

Cash isn’t going away Dec. 13. that’s a hoax rumor. More like next summer

[Rockingham]

Addicted to profits from transaction fees and credit card balances, the US banking and finance industry brought this on themselves by failing to offer business and consumers easy, cheap, immediate peer to peer fund transfers. The result was competition in the form of crypto and now the Fed's new money transfer system.

In time, the result will be a greater separation of credit and debit transactions, with most small routine transactions done as immediate payments instead of being added to a monthly credit balance.

[GailA]

BINGO

[GailA]

MONEY is still legal tender, the POS didn’t chancel it, just bypassed it. And all mobile phone banking is Hackable.

Avoid self-serve checkouts, lawyer warns, or it could cost you ‘thousands’
https://nypost.com/2022/07/11/avoid-self-serve-checkouts-or-it-could-cost-you-thousands-lawyer-warns/

Lowe’s self check out already videos your purchase. https://www.technologyrecord.com/Article/2013-proves-a-record-year-for-global-self-checkout-market-40000

TROLLEY DASH Kroger pilots new device which will mean end of the self-checkout as we know it

https://www.the-sun.com/money/6136319/kroger-rival-tests-self-checkout-customers-not-happy/

Kroger rival tests major changes at traditional checkouts - and customers won’t be happy | The US Sun

https://www.the-sun.com/news/6123702/kroger-new-device-end-self-checkout/

[Lafayette County]

There are already a number of commercial real time payments systems in use. If you don’t want to use FedNow then there are alternatives available, And I don’t think FedNow will be up and running for a year or two.

[SaveFerris]

(More like next summer)

That’s about my guess too

[SaveFerris]

(a documentary)

Or a blueprint

[EBH]

The velocity of cash...watch the velocity of cash.

[SaveFerris]

Yay! There it is - wanted to check those links out