Fed launches new payments system that lets you send money in seconds

[Tall Timbers]

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.

Fed launches new payments system that lets you send money in seconds

FedNow lets consumers and businesses pay for everything from groceries to suppliers instantly.

finance.yahoo.com

I guess they've gone live with this beast... At this time they are not mandating bank participation, and interestingly they're in direct competition with a private sector enterprise The Clearing House's Real Time Payments which was created in 2017.

I guess the next step will be the Central Bank Digital Currency... I can wait... don't want to see that.

 

[Everlasting Life]

Incredible to see how hints of Revelation prophecy emerging.

 

[Zephyr]

Thanks for the warning. I think I will make it a point to completely ignore FedNow as long as I can get away with that!

 

[....]

Thanks for the warning. I think I will make it a point to completely ignore FedNow as long as I can get away with that!

barters lint collection for a cow

 

[3Nails4Given]

Without cash Whitehouse employees will be forced to be snort their cocaine through straws

 

[Tall Timbers]

We'll likely be using FedNow without knowing it if we move money between banks and those banks are enrolled in the program. It'll be interesting to see how long it stays voluntary and what occurs to make it mandatory, should that day come.

 

[3Nails4Given]

Surely this is to track taxable income or another way to add a new tax.

I propose the people respond with a new independent bank FedUp.