Posted on 03/21/2023 8:04:14 AM PDT by Twotone
The United States Federal Reserve has confirmed a July launch date for its long-awaited instant payments system, seen by some as an alternative to central bank digital currencies and stablecoins.
The instant payment network will settle payments in seconds and can support transactions between consumers, merchants and banks. It does not rely on blockchain technology.
It’s a significant step for the government, as it is controlled by the Federal Reserve. Clearing House’s RTP network, which also offers real-time payments, is operated by a consortium of large banks.
According to a March 15 announcement, the U.S. Fed said the debut of FedNow is set for July, with the U.S. Treasury and a “diverse mix of financial institutions of all sizes” ready to use the network from launch.
The Fed said it will “begin the formal certification of participants” during the first week of April in preparation for the launch.
“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,” the announcement reads.
FedNow was announced in 2019 and will provide round-the-clock, real-time gross settlement by funneling commercial bank money from a sender through a Fed credit account to its recipient. It also has built in features such as fraud risk management.
(Excerpt) Read more at cointelegraph.com ...
We already do that with ACH transactions between banks overnight. Those records contain not just account #'s and amounts (IMHO the parts that are necessary for the transaction), but also info on the owner of the account. See https://achdevguide.nacha.org/ach-file-details#pageContent-4. Between the bank account # and the name, you're identified in the transactions that already take place between banks overnight.
Worldtraveler once upon a time :”A pretense that this is somehow linked to safety is absurd.
It is the step among several towards a digital ID, required to do transactions. Tick tock. “
”The United States Federal Reserve has confirmed a July launch date for its long-awaited instant payments system,
seen by some as an alternative to central bank digital currencies and stablecoins. "
"The instant payment network will settle payments in seconds and can support transactions between consumers, merchants and banks.
It does not rely on blockchain technology.
It’s a significant step for the government, as it is controlled by the Federal Reserve.
Clearing House’s RTP network, which also offers real-time payments, is operated by a consortium of large banks."
"According to a March 15 announcement, the U.S. Fed said the debut of FedNow is set for July, with the U.S. Treasury
and a “diverse mix of financial institutions of all sizes” ready to use the network from launch.
The Fed said it will “begin the formal certification of participants” during the first week of April in preparation for the launch."
"The Fed has just announced that it will be in DIRECT competition with all other payment systems -- such as Zelle, PayPal,
as well as most bank credit cards and of coursed American Express."
(My Comment): Federal Government going into "Direct competition with all other payment systems" - says to me that the Fed is now operating as a commercial business enterprize.
And they get to pick who, what size bank is involved and where geographically they will be located.
This reminds me of during quarantine, the Fed chose which stores were allowed to stay open, ..and who got closed.
The Fed chose the winners and losers.
Now they are going head-to-head with private businesses.
Stable ? Reliable ? The last I knew the Fed was still looking for the 2.5 Billion$ in missing covid relief monies.
FedNow is an attempt by the federal reserve to FINALLY move into the 21st century with a faster, cheaper, 24/365 means to move U.S. Dollars between institutions in place of the ancient “wire” method that can take days, cost a huge amount of money and is available only during “banker’s” hours ...
it is NOT a means for installing a new digital currency, but in fact obviates any need for such a thing:
But FedNow’s ability to facilitate real-time transactions and give customers immediate access to funds has the potential to supplant the benefits of a blockchain-based U.S. central bank digital currency.
Some have speculated this is part of the point.
Speaking before the House Financial Services Committee earlier this month, Fed Chairman Jerome Powell said the central bank was not close to releasing a U.S. CBDC.
Still, referring to FedNow, he hinted at the time that “We’ll have real-time payments in this country very, very soon.”
Another member of the Fed Board of Governors, Michelle Bowman, said last year, “FedNow addresses the issues that some have raised about the need for a CBDC.”
So am I.
I’m withdrawing $10,000 cash increments, since they’ll always be a ‘black market’ for cash, despite what the criminal, corrupt FEDGOV does.
Merely implanted. 999
“says to me that the Fed is now operating as a commercial business enterprize. ”
The very definition of fascism
FedNow...as in Fed Now has your money?
“Does it involve a number affixed to one’s person?”
Not just yet...but that’s on the horizon. The Fed’s taking baby steps right now.
Your comment is spot on.
Now, why does that phrase give a chill and a sense of unease?
Should be interesting, look forward to evaluating.
Thanks!
How long before they nationalize all of the above “competition”?
I wouldn’t worry to much this will probably turn out just like the Obamacare website UN-USEABLE!!!! Anyone that MIGHT use it will find very quickly how inept the government is!!!
P
Spot on comment.
“Controlled by the Federal Reserve” is all you need to know. 😏
Ah, huh. There is no doubt in my mind that it does, or soon will, use blockchain technology. No way this thing goes without it. Perhaps they'll put Fauci in charge of the rollout.
In any case, I will resist this at all costs. It's like surrendering all your freedom to the government. We all know for certain that the FBI, CIA, IRS, and all other alphabet agencies will access this. Heck, we already now with certainty that these federal agencies have illegally obtained personal information from cell carriers like AT&T.
You don't think the extra billions to the ATF and the IRS will somehow not be meshed with this to control MAGA or any other person opposed to the corrupt deep state?
Money Laundering has gone federal!
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