Posted on 03/15/2023 6:14:25 PM PDT by C210N
Federal Reserve announces July launch for the FedNow Service
For release at 5:00 p.m. EDT
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The Service will Debut with Financial Institutions and the U.S. Treasury on Board
CHICAGO – The Federal Reserve announced that the FedNow Service will start operating in July and provided details on preparations for launch.
The first week of April, the Federal Reserve will begin the formal certification of participants for launch of the service. Early adopters will complete a customer testing and certification program, informed by feedback from the FedNow Pilot Program, to prepare for sending live transactions through the system.
Certification encompasses a comprehensive testing curriculum with defined expectations for operational readiness and network experience. In June, the Federal Reserve and certified participants will conduct production validation activities to confirm readiness for the July launch.
"We couldn't be more excited about the forthcoming FedNow launch, which will enable every participating financial institution, the smallest to the largest and from all corners of the country, to offer a modern instant payment solution," said Ken Montgomery, first vice president of the Federal Reserve Bank of Boston and FedNow program executive. "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."
Many early adopters have declared their intent to begin using the service in July, including a diverse mix of financial institutions of all sizes, the largest processors, and the U.S. Treasury.
In addition to preparing early adopters for the July launch, the Federal Reserve continues to engage a range of financial institutions and service providers to complete the testing and certification program and implement the service throughout 2023 and beyond. Montgomery noted that 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.
The FedNow Service will launch with a robust set of core clearing and settlement functionality and value-added features. More features and enhancements will be added in future releases to continue supporting safety, resiliency and innovation in the industry as the FedNow network expands in the coming years.
"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 FedNow Program 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."
About the FedNow Service The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments at any time of day, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be provided through the Federal Reserve's FedLine® network, which serves more than 10,000 financial institutions directly or through their agents. For more information, visit FedNowExplorer.org. Last Update: March 15, 2023
Assuming this will NOT be PM-backed, it will fail. Quickly, IMHO.
Tandem to this, a few days ago, the FDIC said it was insuring the SVB deposits, not to $250,000, but to infinity. Doesn't matter what your deposit was, it will be insured - only way this can POSSIBLY be done is by printing more fiat, given that the FDIC's capitalization is a mere fraction of 1% of the $250,000-based deposits.
Except privacy.
We’ll see if it works better than the Obama-Care rollout.
One more piece of the puzzle on the path to the new currency.
Fed Now is only the settlement system.
Viewing this from a slightly different angle - the bank failures, now “fully insured”, are designed to corral us depositors, pawns/hoi-polloi, into a Chinese-style woke-scored financial system. More failures, more clamor to do something, that something being FedNOW (CBDC).
Welcome our new overlords!
The Fed already announced (Sunday or Monday) that they will be doing a “mini” QE. That will last for a bank failure or two and the computers will be generating billion and billions each day. All that when the Fed is upside down on its balance sheet by a trillion.
These people are not serious. We need some adults running things.
A digital wallet that will track every penny going in and out of the account.
If you give your children 50 dollars to mow the lawn, the feds will know about it and expect the child to pay taxes on it. It’s coming.
Make sure your kid doesn't sweat when he/she mows. Any drops of sweat that hits the ground, the EPA will come down on you for the 'navigable' waterway on your property.
I suggest putting as much cash aside as possible now. We’ve been saving hubby’s cash tips for several yrs now. We only put it in the bank when it’s absolutely necessary. I plan on keeping a minimum reserve of $10k at all times so when the social credit scoring crap comes along, we’ll be immune for a while at least.
Ping to CBDC Digital Currency...
Can you spell out CBDC for me? Thanks. And shame on the article writer for not doing it in the first paragraph.
Since 2008, some facility residences have been taking it to the mattresses. Worried that their paper will be worthless with this CBDC
“CBDC” = “Central Bank Digital Currency”, and the new “FedNow” is so far just a new settlement system like the existing “ACH” bank transfer/settlement system. CBDC comes later on when everyone gets an account at the Fed and government payments (tax refunds, Social Security pymts., etc.) go into that account...last step is CBDC and the elimination of cash.
CBDC = central bank digital currency
ping to you
A good way to sidestep CBDC is to have possession of physical metals, like gold and silver.
Go thru your family heirlooms, in search of sterling. Kids these days have zero interest in family furniture, china, furniture.... get rid of what you must, but absolutely RETAIN your sterling, silver/gold jewelry - this stuff will be highly prized, and a source of real wealth, come CBDC iron-fisted control.
And, while you still can, consider *trading* your worthless fiat for gold, and silver especially.
Time to leave
How do you spend it?
Only another year or so until SloJo starts paying off my T-Bills in CBDC.
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