Federal Reserve confirms July launch for FedNow instant payment service

Cointelegraph.com ^ | March 16, 2023 | Brian Quarmby

[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.

[Twotone]

Here’s the website for FedNow:

https://explore.fednow.org/

[skr]

Does it involve a number affixed to one’s person?

[Worldtraveler once upon a time]

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.

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.

[packagingguy]

I wondered about this, the Fed competing with all the different payment systems out there. It should be illegal.

[ridesthemiles]

They have already done massive damage with “Vaccines” that were put out without enough testing-—————

Here comes an attack on our MONEY-—with the Feds in charge again !!!!!!

I do not trust any of this.

Match it with an electric grid that is already stressed-—IF POWER goes down-—THEN WHERE DOES THE TRANSACTION GO????

[Codeflier]

No blockchain. Ripe for major fraud!

[The Louiswu]

“ Does it involve a number affixed to one’s person?”

Are you thinking social credit scoring or Number of the Beast? Or both.

[Wuli]

It is enough that we have a Fed regulating banks. This step is a step toward the Fed DIRECTLY regulating us and eventual use of their system to politically restrict OUR payments.

[Yo-Yo]

You want to buy a gun? Oops, the system is down and we cannot process your payment at this time...

[Yo-Yo]

Does it involve a number affixed to one’s person?

Yes, six hundred, three score, and six.

[datura]

Digital Swift starts this week.

ISO 20022

[datura]

It uses the Ripple blockchain

[Worldtraveler once upon a time]

One observes that the copyright date on the splash page of the "new" agency is 2021. This has been planned for some time, of course, and I expect that we as consumers will react negatively, when a company requires that we use this payment method, as opposed to others.

The Fed lies essentially, saying "The Federal Reserve System is not "owned" by anyone. The Federal Reserve was created in 1913 by the Federal Reserve Act to serve as the nation's central bank. The Board of Governors in Washington, D.C., is an agency of the federal government and reports to and is directly accountable to the Congress."

Ownership is a fundamental fact for freedom. The two logical choices are that some "own" the Fed, or the federal government "owns" the Fed, in the same way that federal land are owned. "By the people," it is said. Except when the "people" are restricted in their access to and use of said "owned" lands.

The tenet of Communism is state ownership. To my view, then, the argument that the Fed is owned by "us" communally is evidence of the pernicious growth of control over the ostensible "owners" -- supposedly us.

[E. Pluribus Unum]

All you assets are belong to us.

[Codeflier]

It says it doesn’t use blockchain technology. So you think it is just a mistake in the article concerning the method used? I will look into it more.

[VTenigma]

Where do we sign up for our “mark of the beast”? I can’t wait to get mine.

[VTenigma]

It is.

[pierrem15]

Payment in seconds by a single payer could also mean denial of payment in seconds by a single payer, as in refusing to accept payments to an FFL. Not to mention every payment and every receipt of payment will be reported to the IRS instantaneously.

Is there a law authorizing this or regulating this? Or is this just the Fed gone wild?

[JoJo354]

Very good post. I agree and am curious how far along this digital or tokenized program is to being forced on us all. When will our bank force us to go along in order to keep our accounts and credit cards? It sounds like it isn’t far in the future. Evil.