6 ms·

Is this an attempt to collect taxes on business transactions that currently some are not being reporting with Venmo, etc.?

toomuchtodo 4y ago
It’s instant payment infra that can replace ACH, some wire volume, and some credit card volume. You can move up to $100k in value for pennies (but probably free, depending on your financial services provider). Think Zelle for every US demand deposit account, with the network run by the US Federal Reserve. No more need for Venmo, Cash App, PayPal, etc.
- kranke155 4y ago
  Im in Brazil and they already have this. Pretty incredible how long its taken to make its way to the US.
  - JoeJonathan 4y ago
    I hadn’t visited in a few years and was shocked to see how ubiquitous Pix has become! People use it to pay at stores and restaurants. And even before Pix, domestic bank transfers were already instantaneous.
    - kranke155 4y ago
      People selling coconut water on the streets of Recife will accept PIX. It’s changed the country quickly.
- sidewndr46 4y ago
  Nothing about "FedNow" is targeted at individuals. It's for financial institutions.
  - toomuchtodo 4y ago
    It is infrastructure for banks to provide instant payments to banking customers if you want to be pedantic. https://www.frbservices.org/binaries/content/assets/crsocms/financial-services/fednow/general-use-case.pdf https://www.frbservices.org/binaries/content/assets/crsocms/... > The FedNow Service will facilitate end-to-end instant payment services for consumers and businesses, increase competition, and ensure equitable access to banks of all sizes nationwide. https://corpgov.law.harvard.edu/2020/08/31/fednow-the-federal-reserves-planned-instant-payments-service/ https://corpgov.law.harvard.edu/2020/08/31/fednow-the-federa...
    - sidewndr46 4y ago
      Right, banks are financial institutions. You and I are not.
      - doubleg72 4y ago
        No, but you're probably a customer. Not sure why you just cherry picked that, but it most certainly will benefit individuals.
        sidewndr46 4y ago
        FedNow is just banks offloading their costs onto the public sector.
        tadfisher 4y ago
        The private sector has had ample time and ability to implement a ubiquitous real-time settlement system, and it has not. I'd consider this money well spent.
        sidewndr46 4y ago
        as long as you're spending others money, of course it seems well spent

toomuchtodo 4y ago

It’s instant payment infra that can replace ACH, some wire volume, and some credit card volume. You can move up to $100k in value for pennies (but probably free, depending on your financial services provider). Think Zelle for every US demand deposit account, with the network run by the US Federal Reserve. No more need for Venmo, Cash App, PayPal, etc.

kranke155 4y ago
Im in Brazil and they already have this. Pretty incredible how long its taken to make its way to the US.
- JoeJonathan 4y ago
  I hadn’t visited in a few years and was shocked to see how ubiquitous Pix has become! People use it to pay at stores and restaurants. And even before Pix, domestic bank transfers were already instantaneous.
  - kranke155 4y ago
    People selling coconut water on the streets of Recife will accept PIX. It’s changed the country quickly.
sidewndr46 4y ago
Nothing about "FedNow" is targeted at individuals. It's for financial institutions.
- toomuchtodo 4y ago
  It is infrastructure for banks to provide instant payments to banking customers if you want to be pedantic. https://www.frbservices.org/binaries/content/assets/crsocms/financial-services/fednow/general-use-case.pdf https://www.frbservices.org/binaries/content/assets/crsocms/... > The FedNow Service will facilitate end-to-end instant payment services for consumers and businesses, increase competition, and ensure equitable access to banks of all sizes nationwide. https://corpgov.law.harvard.edu/2020/08/31/fednow-the-federal-reserves-planned-instant-payments-service/ https://corpgov.law.harvard.edu/2020/08/31/fednow-the-federa...
  - sidewndr46 4y ago
    Right, banks are financial institutions. You and I are not.
    - doubleg72 4y ago
      No, but you're probably a customer. Not sure why you just cherry picked that, but it most certainly will benefit individuals.
      - sidewndr46 4y ago
        FedNow is just banks offloading their costs onto the public sector.
        tadfisher 4y ago
        The private sector has had ample time and ability to implement a ubiquitous real-time settlement system, and it has not. I'd consider this money well spent.
        sidewndr46 4y ago
        as long as you're spending others money, of course it seems well spent