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And it will be Trump's fault. Make him look bad just before the 2024 elections so they keep the Commander in Cheat in office.
FedNow instant interbank clearing and settlement platform
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And it will be Trump's fault. Make him look bad just before the 2024 elections so they keep the Commander in Cheat in office.
Well, obviously. The plan is to do to physical cash what fdr did to gold in '33. Ie: make it to where you can't have any, and have to "redeem" any that you might still have on hand.
If we're being honest, we've been in a political crisis since March 9th 1933. That's the first case of the gov starting to operate outside the bounds of the Constitution, and never completely go back to operating within its limitations. The gov admits as much. The problem is that it's become normalized and people accept it as normal due to pure ignorance of anything other way. Ie: it"s all they've ever known. Similar to how a child that has never experienced anything other than abuse, can come to see it as just being a normal part of life.
Edited to add: so-called patriot act is the same. Obvious unConstitutional bs enacted in rush under the pretense of an emergency that then keeps getting renewed every year until it just becomes a normal way of gov conducting itself that no one questions and accepts as normal.
At some future point, an official report will be done on it similar to 93-549 and Congress will then enact another law that they will say makes it all Constitutional with a simple majority vote. Same as they did in 1976 to supposedly legalize the theft that took place 43 years earlier.
Wash rinse, repeat. Etc etc etc.
They been tryin' to do that since before he beat their hag. Lol
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It will be the foundation for their cbdc.
What is FedNow, the real-time payments service soon to be launched by the Federal Reserve?
The Federal Reserve plans to roll out its FedNow offering, a real-time payments service that will provide another option for instant payments in the U.S.
www.marketwatch.com
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What does it say? Can't read, requires subscription.
What is FedNow, the real-time payments service soon to be launched by the Federal Reserve?
The Federal Reserve plans to roll out its FedNow offering, a real-time payments service that will provide another option for instant payments in the U.S.
Does it say that it absolutely will not be used in order to facilitate the cbdc they are also working on?
I did find this info based upon info from Federal Reserve Financial Services.
FedNow could outcompete almost every crypto project in existence
The launch of FedNow, which will offer 24/7 payments, means many crypto projects may need to rethink their differentiated value propositions.
protos.com
When it’s integrated into the vast majority of US financial institutions, FedNow will allow instant USD settlement between US residents on a peer-to-peer (P2P), business-to-business (B2B), and business-to-consumer (B2C) basis — even if bank offices are closed.
If Fednow will allow for peer to peer payments between "US residents" and between businesses and consumers (read: customer transactions), then that to me sounds a lot like a digital currency in and of itself.
....or at the very least, something that is designed to facilitate the future use of a digital currency. Ie: the foundation for a cbdc to work upon.
Btw, the link within the text opens a pdf from the Fed that the italicized part is referring to.
Financial Services
Federal Reserve Finanial Service offerings include accounting, ach, bundled solutions, cash, check, funds, national settlement service, securities, and wire transfers.
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This one explains things.
Here's some info on the actual pymt. system. There's a link which shows banks that are already using the system.
www.theclearinghouse.org
From what I gathered this is simply a system that speeds up payments.
Frequently Asked Questions
The Federal Reserve Board of Governors in Washington DC.
www.federalreserve.gov
Here's some info on the actual pymt. system. There's a link which shows banks that are already using the system.
Real Time Payments | The Clearing House
From what I gathered this is simply a system that speeds up payments.
I posted from my phone last night. I couldn't read it either. I posted it so I wouldn't lose the link. Now that I'm on my computer, I can read the article and I've added a pertinent snippet from the article to my previous post now.
From @searcher 's first link, I saw a broken link to a press release that was supposed to include details on how FedNow is supposed to work. There was enough info there for me to use some GoogleFu to find it:
... An instant payment facilitated by the FedNow Service begins when a sender (that is, an individual or business) initiates a payment using a service provided by their bank, such as a banking application accessed on a computer, tablet, or mobile device.[13] After the sender's bank receives this request, it will send a message through the FedNow Service to the receiver's bank, with information about the payment.[14] Upon receipt of this message, the receiver's bank will indicate whether it intends to accept the payment. If it intends to accept the payment, the receiver's bank will send a positive confirmation back, and upon receipt the FedNow Service will transfer the funds between the Federal Reserve accounts associated with the banks. Each bank will debit and credit their customer's account accordingly. The entire process is intended to take place in a matter of seconds, so the receiver will have funds available to use in near real time. Completed payments will be final, meaning they are irrevocable.[15]
...
Because instant payment services such as the FedNow Service process and settle each payment separately and continuously on a 24x7x365 basis, participants will need adequate funds or available credit (liquidity) in their accounts at all times in order to settle each payment. In some circumstances, banks with account balances beyond their current needs may supply liquidity to those facing a shortfall. Typically, banks can use a service like the Fedwire® Funds Service to conduct such liquidity transfers. However, when those services are closed, participants in the FedNow Service or the existing private-sector service may need an alternative method to transfer liquidity.
...
...
- In step 1, a sender (that is, an individual or business) initiates a payment by sending a payment message to its bank through an end-user interface outside the FedNow Service.[39] The sender's bank is responsible for screening the payment according to its internal processes and requirements.[40]
- In step 2, the sender's bank submits a payment message to the FedNow Service.
- In step 3, the FedNow Service validates the payment message, for example, by verifying that the message meets message format specifications.
- In step 4, the FedNow Service sends the contents of the payment message to the receiver's bank to seek confirmation that the receiver's bank intends to accept the payment message. At this point, the receiver's bank will have the opportunity to confirm or deny that it maintains the specified account.
- In step 5, the receiver's bank sends a positive response to the FedNow Service, confirming that it intends to accept the payment message.[41] Steps 4 and 5 are intended to reduce the number of misdirected payments and resulting exception cases that can occur in high-volume systems.
- In step 6, the FedNow Service debits and credits the designated master accounts of the sender's and receiver's banks (or their correspondent banks), respectively.
- In step 7, the FedNow Service sends a payment message forward to the receiver's bank with an advice of credit and in parallel sends an acknowledgement to the sender's bank notifying it that settlement is complete.[42]
- In step 8, the receiver's bank credits the receiver's account.[43] As a condition of the FedNow Service, the receiver's bank must agree to make funds available to the receiver almost immediately after step 7. This crediting to the receiver's account as well as the debiting of the sender's account by their respective banks happens outside the FedNow Service.[44]
More details (very long):
https://www.federalregister.gov/doc...port-interbank-settlement-of-instant-payments
From what I am reading, FedNow does not employ a blockchain. There is no cryptographic tokenization. It's not a CBDC. It's not even a foundation for a CBDC.
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I
What exactly precludes its eventual use as a platform for a digital currency? Both what you posted and what I posted above, reads as though it would be perfect for the use of a digital currency.
That's like asking what precludes a boat from eventual use as a platform for a jumbo jet because they could both be used to cross an ocean. CBDCs are cryptographic tokens that are managed on a digital ledger (blockchain). FedNow is not employing or building any infrastructure that would facilitate a CBDC.
A CBDC could be implemented in the future to replace FedNow and the current financial system, but it would be a complete replacement.
A CBDC could be implemented in the future to replace FedNow and the current financial system, but it would be a complete replacement.
What makes you think a cbdc would be a complete replacement of it?
The fed itself says that a cbdc would be a parallel system with existing forms of money. That convertability between them would exist.
If it were a complete replacement, convertability would not be needed, as older forms of payment would no longer exist.
The Federal Reserve is......considering a CBDC as a means to expand safe payment options, not to reduce or replace them.
I meant that a CBDC could be employed to replace FedNow, but it would be a complete replacement of the FedNow system that is currently being created. FedNow is not a foundation that can be expanded into a CBDC any more than a boat can be expanded into a jumbo jet.
Imho, it"s far too early to say it can't be used with a cbdc. If can facilitate digital payments of current forms of money, what specifically would prevent it from being able to in the future, also process cbdc payments?
Why would they design a digital currency that is not comparable with their digital payment system?
A digital currency, and the control it would bring, is a central bankers wet dream. They've been wanting something like that for Decades now.
Perhaps you trust them to not take steps in the attempt to corral society into that wet dream of theirs, but I sure don't.
Trust has nothing to do with anything. Awareness of the Fed's ongoing investigations to building a CBDC also has nothing to do with my previous comments.
FedNow is a messaging system being developed for clearing payments with the existing financial (electronic banking) system. There is no new tech in FedNow that in any way facilitates blockchain ledgers or cryptographic tokens. I'm merely stating a fact here. Apples are apples. Oranges are oranges.
Bottom Feeder
Big Eyed Bug
As far as I can see it ain't about nothin.
That it will facilate payments between individuals is a good thing.
That it will facilate payments between individuals is a good thing.
You've examined the code for it?
Sorry, but apparently I am a bit more cynical than you are when it comes to gov/fed words vs eventual actions.
In my experience with them, I notice a track record of them saying/assuring of one thing, only to have it turn into something else later on.
The system is described in the quote/link which I shared in post #50.
I understand that. It's also their description, and like I said, the gov has a very poor track record of keeping things limited to what the original stated purpose was.
As I said, I am apparently more cynical than you are when it comes to the govs stated purposes for the things it wants to do. It always gets expanded once implemented.
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Same as socialism is merely the smiling face of communism. The one always leads to the other.
Cigarlover
Ground Beetle
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I wouldn't worry to much about it. The government and bankers can't even keep themselves from being hacked. Pretty sure they would have a hard time convincing everyone that they have a safe, hack proof system. Some other hurdles to overcome as well. 25-30% of the US population is unbanked. Billions in cash transactions at pot shops across the nation and congress still won't pass a law allowing the money into the banking system. In listening to some of the fed meetings this subject gets brought up sometimes and there are definitely concerns about the system with our politicians. One of them being privacy.
So, for now I dont see this as an issue we need to worry about. However, it still might be a good idea to voice any concerns to our politicians. What happens when we have power outages for days or even weeks on end? How would this be kept safe from hackers? With all the top secret docs being uploaded to the net lately, apparently even the spy agencies cant keep from being hacked. Is banking private or is government now going to have access to every transaction? Is every transaction at a yard sale now going to be a taxable event even though I bought the items with money that was taxed at the state and federal level via income taxes and also paid sales tax on the items and to boot the item is selling at a massive discount to what I paid so do I get to declare a loss or will I only have to declare it as income and pay yet another tax?
So, for now I dont see this as an issue we need to worry about. However, it still might be a good idea to voice any concerns to our politicians. What happens when we have power outages for days or even weeks on end? How would this be kept safe from hackers? With all the top secret docs being uploaded to the net lately, apparently even the spy agencies cant keep from being hacked. Is banking private or is government now going to have access to every transaction? Is every transaction at a yard sale now going to be a taxable event even though I bought the items with money that was taxed at the state and federal level via income taxes and also paid sales tax on the items and to boot the item is selling at a massive discount to what I paid so do I get to declare a loss or will I only have to declare it as income and pay yet another tax?
The FedNow system is a direct replacement for the ACH (electronic checking) system. You or your bank will use only in situations that you might use the ACH/electronic check (paying bills online etc.).
I think govco already has access to that ACH/electronic checking info, but FedNow likely lets them monitor/analyze it real time.
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Better Late Than Never: Federal Reserve Platform Will Finally Bring Instant Payments To More Banks–And Customers
After a decade of study and development, the Federal Reserve is finally launching FedNow, a system that could eventually mean businesses and consumers have near instant access to payments (including paychecks) and money moved between financial accounts.Back in 2017, The Clearing House, a consortium of the nation’s largest banks, including JPMorgan ChaseJPM and Bank of AmericaBAC, rolled out its own high speed money transfer system, the Real Time Payments Network (RTP). But so far the volume of money RTP is moving is comparatively miniscule. In the first quarter, $26 billion was transferred over RTP, equal to 0.13% compared to the $19.7 trillion sent over the nation’s dominant Automated Clearing House, which takes between one to three business days to move money. ACH is typically used to pay recurring bills, paycheck deposits and loans. Another $277 billion was sent in the first quarter over FedWire, a Federal Reserve run service for one-time wire transfers.
Read the rest:
Yup.
Cheering the Big-Brother-ing of money.
Government controlling ALL TRANSACTIONS! YIPPEE!!
Cheering the Big-Brother-ing of money.
Government controlling ALL TRANSACTIONS! YIPPEE!!
What is FedNow, the real-time payments service soon to be launched by the Federal Reserve?
The Federal Reserve plans to roll out its FedNow offering, a real-time payments service that will provide another option for instant payments in the U.S.
That's NOT correct.
" a CBDC would differ from existing digital money available to the general public because a CBDC would be a liability of the Federal Reserve, not of a commercial bank,” the Fed says on its website."
The FRN is not a liability of a commercial bank Not to mention that is a VERY odd way of defining a currency. Commercial banks have nothing to do with the currency issuance. Other than the deposit into their system.
I would like Rafi Faber to weigh in on this but an FRN IS a liability of the FED. They create a $20 bill by creating a debt and selling that to the banks. So that is an asset to the banks and liability to the FED.
The quote refers to bank credit - "existing digital money" - not FRNs (paper notes). Bank credit originates in banks in our fractional reserve system.
Bank credit is not a currency. If you are a bank in Switzerland you aren't creating USD's.
Even if you want to go down that path. A bank can create new money out of thin air. So if I get a mortgage in USD I suppose you could argue and probably be correct in that the money supply has expanded. BUT in that case the loan (new money) is an ASSET of the bank and really a liability to me. But, I believe the liability of the monetary system shifts to the FED.
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More:
For broader adoption of FedNow, experts say it's all about use cases
Three months after the instant payment network went live, users and former Fed staffers say the rollout is going as expected. But the key to wider use depends on banks and their customers figuring out what to do with it.
www.americanbanker.com
Silence criticism... Sounds pretty unconstitutional to me.
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starting Nov 19, 2023
Whether you’re responsible for your organization’s FedNow Service integration, preparing to build instant payment products leveraging the FedNow Service, or are a payments processor that will help your clients connect to the service, now is the time to get to know the FedNow ISO 20022 message specifications.
more
www.frbservices.org
ISO® 20022: What You Need to Know
The Federal Reserve will use ISO 20022, an internationally accepted data-rich messaging standard, to define the message flows and formats for the FedNow Service.Whether you’re responsible for your organization’s FedNow Service integration, preparing to build instant payment products leveraging the FedNow Service, or are a payments processor that will help your clients connect to the service, now is the time to get to know the FedNow ISO 20022 message specifications.
Additional information
- Federal Reserve announces ISO 20022 specifications for initial launch of the FedNow Service
- Our strategic approach to the FedNow Service ISO 20022 message specifications
- Federal Reserve nears completion of industry engagement on FedNow ISO 20022 specifications
more
ISO® 20022: What You Need to Know
Learn the fundamentals of ISO® 20022 and gain access to information about the FedNow message specifications.
FedNow is a huge improvement in payments, but it could be better still
FedNow will transform payments in the U.S., but its adoption might speed up if the Fed adopts some of the strategies Brazil used to roll out its Pix platform.
www.americanbanker.com
It sounds like FedNow is still having trouble achieving mass adoption.
lol:
More:
www.marketwatch.com
FedNow is apparently FedNo right now.
More:
Fed's instant-payments system gets you cash fast. Banks don't make money from that.
FedNow is in danger of becoming a Fed flop.
www.marketwatch.com
FedNow is apparently FedNo right now.
The Good Reason is not the real reason. Obviously, the aim here is not fast transactions; but centralized command-and-control.lol:
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Fed's instant-payments system gets you cash fast. Banks don't make money from that.
FedNow is in danger of becoming a Fed flop.
FedNow is apparently FedNo right now.
Make data both visible and controllable through central checkpoints - and ultimately, subject to clearance through algorithms.
Banks are coming to see how that removes the sort of choices made in business decisions, and, essentially, removes their very reason for existence. So they see it, correctly, as a threat to their own survival.
How much power they have on this, is unknown. I remember when Carnivore, the email sniffer program, was to be installed at various ISPs. Earthlink and a few others, resisted, working objections through the courts. They correctly feared that it would turn ISPs and tech companies into handmaidens of the Deep State.
Earthlink lost the suit, and founder Sky Dayton resigned a few weeks later. Took a token position on the board for a year or so - I believe he's left the company entirely, now. But he was always a privacy absolutist.
There may be a few similar bank officials. They probably won't have the same power in their industry, and probably not the same clout. Modern banking is ALREADY totally subjugated to the FRB and NGOs like Fanny Freddy.
Reports from October (post #71) claimed only 140 financial institutions had signed up for FedNow. New report says:
www.americanbanker.com
How FedNow is a catalyst for credit union disruption
The first credit unions enrolled in the Federal Reserve's FedNow instant payments platform say it will fundamentally change the way they serve consumers and businesses across multiple categories.
www.americanbanker.com
They recognize, correctly, that it's a first step in rendering retail banks obsolete.
Jamie Dimon's future, and that of JPMC, those are assured. As adjuncts of the Fed, like Fannie Farmer Freddie Kruger. But that of the First Federal Bank of Podunk? There ain't no future; there's probably demonization and legal lawfare to be aimed at lower-ranking banksters who didn't make the first cut of the Great Purge.
Jamie Dimon's future, and that of JPMC, those are assured. As adjuncts of the Fed, like Fannie Farmer Freddie Kruger. But that of the First Federal Bank of Podunk? There ain't no future; there's probably demonization and legal lawfare to be aimed at lower-ranking banksters who didn't make the first cut of the Great Purge.