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Fed launches new payments system that lets you send money in seconds
Yahoo ^ | 07/20/2023

Posted on 07/20/2023 8:51:27 AM PDT by devane617

The Federal Reserve Thursday officially launched its long-awaited instant payment service FedNow, which allows consumers and businesses to send and receive money in seconds.

The system lets Americans pay for groceries instantly, businesses pay their suppliers, or people pay each other. It will be available 24 hours a day, every day of the year, with full access to funds immediately.

FedNow isn’t offered directly to individuals and businesses, but it will serve as the basis of infrastructure for instant payments by linking banks. Transactions occur between bank accounts and enable funds to be transferred from a sender’s bank account to a receiver’s bank account immediately.

The limit per customer credit transaction will be $500,000, but the initial setting of the transaction limit will be $100,000. The money can move from consumer to consumer, from consumers to businesses, or from business to business.

"The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient," said Federal Reserve Chair Jerome Powell.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Government; Miscellaneous; News/Current Events
KEYWORDS: banking; cbdc; fed; fednow; instantpayment; instantpaymentsvc; paypal; zelle
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To: cableguymn

“Just got 3500 in a zelle payment.”

Most banks have lower limits. $3500 is the largest I have seen. Our credit union is $2000.

Nowhere near the proposed .


41 posted on 07/20/2023 10:10:31 AM PDT by TexasGator
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To: JimRed

“That’s a problem because...?”

Because your country has declared you an outlaw. That’s why.


42 posted on 07/20/2023 10:36:47 AM PDT by ProtectOurFreedom (We are proles, they are nobility.)
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To: devane617

Let’s hope they hired some Russian teenagers to test it and try to hack it.


43 posted on 07/20/2023 10:43:08 AM PDT by aimhigh (1 John 3:23 "And THIS is His commandment . . . . ")
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To: devane617

A precursor to CBDC, coming all too soon.


44 posted on 07/20/2023 10:47:51 AM PDT by Carriage Hill (A society grows great when old men plant trees, in whose shade they know they will never sit.)
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To: Carriage Hill

Current Florida Governor and GOP presidential hopeful Ron DeSantis continued his campaign against central bank digital currencies (CBDCs), vowing a ban if he were elected president.

“Done, dead, not happening in this country,” said DeSantis at the Family Leadership Summit in Iowa last Friday. “If I am the president, on day one, we will nix central bank digital currency.”

DeSantis has been an outspoken critic of CDBDs for allowing “government-sanctioned surveillance,” and in March signed a bill to prohibit the use of a national CBDC as money within Florida.
As for the broader subject of crypto, he’s been far more supportive, previously calling its use a question of civil liberty and describing bitcoin (BTC) as a “threat to the current regime.”

Central bank digital currencies, which are a tokenized form of a country’s fiat currency issued by the government, are becoming a growing wedge between political sides in the U.S., with the GOP, broadly speaking, not in favor, and the Democrats so far mostly silent on the subject.

https://www.coindesk.com/policy/2023/07/17/ron-desantis-promises-to-ban-cbdcs-if-elected-president/#:~:text=Current%20Florida%20Governor%20and%20GOP,Summit%20in%20Iowa%20last%20Friday.


45 posted on 07/20/2023 11:06:42 AM PDT by Grampa Dave (,We have number of experts, stating B$ as fact, & they have no idea nor reality or solutions!!)
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To: EEGator

CBDC is the next step to taking our money away. If we try to purchase “something” they don’t approve of, payment can be denied. And our money can be disappeared completely. Then we follow into nothingness. It’s coming, sooner than we can imagine...


46 posted on 07/20/2023 11:18:52 AM PDT by Carriage Hill (A society grows great when old men plant trees, in whose shade they know they will never sit.)
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To: Carriage Hill

I will end up in the woods eating mice…


47 posted on 07/20/2023 11:19:39 AM PDT by EEGator
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To: Grampa Dave

China’s been using it for social control, for 8+ years, and the EU is slowly converting to it, country-by-country. DeSantis’ statement will be neutralized if it’s passed, and the whole Nation is forced to go that way. FL will be bankrupt in seconds, or less.


48 posted on 07/20/2023 11:22:05 AM PDT by Carriage Hill (A society grows great when old men plant trees, in whose shade they know they will never sit.)
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To: devane617

Banks have already been doing this for years. There is no need for another middleman.


49 posted on 07/20/2023 11:31:40 AM PDT by Openurmind (The ultimate test of a moral society is the kind of world it leaves to its children. ~ D. Bonhoeffer)
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To: devane617

A plan to save all those illegals Western Union fees, and make it easier for the Chicoms, Russkies, Iranians, Cubans, et al to fund their agents here.


50 posted on 07/20/2023 11:37:48 AM PDT by VanShuyten ("...that all the donkeys were dead. I know nothing as to the fate of the less valuable animals)
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To: devane617

Getting us ready for digital currency and control of our money.


51 posted on 07/20/2023 6:30:09 PM PDT by ViLaLuz (2 Chronicles 7:14)
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To: devane617

Instant debiting.

Businesses (lobbied) right out of bank accounts whenever they want it..auto-debit Vs. consumers sending by check whenever we want to.

Contested withdraws?... delayed or credited on next auto-debit where consumer must wait.

PR: “For your convenience, _____ _____, will commence using FedNow for all payments beginning ____”


52 posted on 07/20/2023 7:04:56 PM PDT by Varsity Flight ( See"War by🙏🙏 the prophesies set before you." I Timothy 1:18. Nazarite prayer warriors. 10.5.6.5)
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To: Varsity Flight

Imagine trying to trace a problem!


53 posted on 07/20/2023 7:44:25 PM PDT by devane617 (Discipline Is Reliable, Motivation Is Fleeting..)
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To: devane617
Why is the Fed getting involved with direct consumer banking transactions?

To track our money... and take the first step toward a Central Bank Digital Currency.

The Fed is really selling this new system, too. Big Brother says our money will be transferred and available "instantly" now.

In our dystopian future, will the Fed remove the money instantly, too, if we happen to have the "wrong" ideas?

54 posted on 07/21/2023 12:51:19 AM PDT by Tired of Taxes
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To: JesusIsLord
So, for consumer to business transactions, why is this any different from me having my bank wire $$ from my account to company X's bank account?

Speed and cost.

55 posted on 07/21/2023 8:26:33 AM PDT by GunRunner
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To: devane617

CONTROL of YOUR transactions.


56 posted on 07/21/2023 8:27:52 AM PDT by Jane Long (What we were told was a conspiracy theory in ‘20 is now fact. Land of the sheep, home of the knaves)
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