U.S. Fed’s Vice Chair Barr Says CBDC Decision Still a ‘Long Way’ Off - The U.S. is far from making any decision on a central bank digital currency (CBDC), said ... - https://www.coindesk.com/policy/2023/09/08/us-feds-vice-chair-barr-says-cbdc-decision-still-a-long-way-off/?utm_medium=referral&utm_source=rss&utm_campaign=headlines #digitaldollar #regulations #stablecoins #michaelbarr #policy #circle #tether #paypal #fednow #news #cbdc

@jack

incentives matter and right now, we have both partisan/ideological cultures and business models that push for biased narratives. the first probably requires changes to our education system. re the latter, could we set up individual pools of money each month that got automatically distributed to creators based on what we read, watch and listen to? media players and reading apps hooked up to the fedi and a decentralized Patreon. imo via #FedNow not crypto. paywalls are bad for democracy.

@smaurizi

wish they were here. we need to decentralize money transfer next. it needs to be bank app to bank app, no middlemen like GoFundMe or PayPal etc. and no crypto, that's way too difficult and prone to mistakes for most people. hoping to see #FedNow help with this.

Bank of America Assesses Significance of Paypal’s USD Stablecoin and Fednow System - Bank of America has provided its analysis of Paypal’s U.S. dollar stablecoin and t... - https://news.bitcoin.com/bank-of-america-assesses-significance-of-paypals-usd-stablecoin-and-fednow-system/ #bankofamericapaypalstablecoins #bankofamericaanalysis #bankofamericafednow #usdollarstablecoin #paypalstablecoins #bankofamerica #usdstablecoin #featured #fednow #paypal

@hosford42 @accretionist @randahl

I think the key would be something like a decentralized patreon that we could tie directly into our instances (and lots of other stuff). #FedNow may help with that.

to me, the goal is attention democracy. ads mean somebody else can buy our attention. I've always hated them. very similar to somebody locking you into a server and deciding what you see. if they were the only way to pay for no algos and decentralization, I guess I'd accept it.

Hedera Hashgraph's Dropp Integrated with FedNow, HBAR Price Rallies 15% - HBAR, the token that powers Hedera Hashgraph’s decentralized, open-source, proof-of-stake... - https://cryptonews.com/news/hedera-hashgraphs-dropp-integrated-with-fednow-hbar-price-rallies-15.htm #hederahashgraph #altcoinnews #blockchain #fednow #hbar

FedNow showcases DLT-powered payments system as service provider - The Federal Reserve wrote that it does not support or endorse any... - https://cointelegraph.com/news/crypto-fed-now-showcases-dlt-powered-payments-system-as-service-provider #fednow

Literally TWO DECADES after I'd been regularly using instant online bank transfers/payments in Asia, the USA is finally getting it now. The dinosaur US banks don't want to do it EVEN NOW, but the Fed is pushing an instant payments system called FedNow out this year. 🤞

#TheEconomist #FedNow

https://www.economist.com/finance-and-economics/2023/07/20/instant-payments-finally-reach-america-with-fednow

Newly available FedNow financial transaction service.

https://www.frbservices.org/financial-services/fednow/about.html

"The FedNow Service is a new instant payment infrastructure developed by the Federal Reserve that allows financial institutions of every size across the U.S. to provide safe and efficient instant payment services.

Through financial institutions participating in the FedNow Service, businesses and individuals can send and receive instant payments in real time, around the clock, every day of the year. Financial institutions and their service providers can use the service to provide innovative instant payment services to customers, and recipients will have full access to funds immediately, allowing for greater financial flexibility when making time-sensitive payments."

Thanks to anildash@me.dm and lisamelton@mastodon.social for making me aware of this service.

#Finance #Banking #FinancialApp #FED #FedNow

@JMarkOckerbloom The difference is that it doesn't use ACH, so bank transfers in the USA might over time become more similar to those in the euro area. Settlement in 20 seconds means the banks are in charge of reverting transactions etc., not a middleman.
https://en.wikipedia.org/w/index.php?title=FedNow&oldid=1166388770

#FedNow

Fresh Speculation Arises as US Federal Reserve Debuts FedNow Instant Payments Service - The US Federal Reserve recently unveiled the FedNow Service system to facilitate instant ... - https://cryptonews.com/news/fresh-speculation-arises-as-us-federal-reserve-debuts-fednow-instant-payments-service.htm #u.s.federalreserve #blockchainnews #federalreserve #jeromepowell #fednow #cbdc

In Spain we have instant payments since 2019 (if my memory does not fail), and this is something still not possible in US...

Let's see how the major banks uses #fednow as they charge a lot of commissions that are now in the air.

Who has the great opportunity?

To me the great opportunity for the #tech companies (#google , #apple, #meta) to increase their presence in the payments arena.

Elon, may be running like the hell to do not lose this train.

»#FedNow launch hints at #paymentswars to come: If it catches on here, the biggest losers are likely to be the major #creditcardissuers.« https://www.axios.com/2023/07/22/fednow-instant-payments-credit-cards #tech #media

@timkmak

ASAP start taking donations directly via #FedNow. get off Substack, Threads and any other corporate social media with ads and algorithms where somebody else can decide what your followers see or take some of the money people want to give you. run your own blog and remove any paywalls. run your own Mastodon server via masto.host if necessary. be truly independent. explain to whoever will listen why everyone needs to move here if they care about honest news. please.

Federal Reserve’s ‘FedNow’ Launch Triggers Fresh Speculation Over Digital Dollar - The U.S. Federal Reserve denies that its new instant payments service, FedNow, is in any ... - https://www.coindesk.com/business/2023/07/21/federal-reserves-fednow-launch-triggers-fresh-speculation-over-digital-dollar/?utm_medium=referral&utm_source=rss&utm_campaign=headlines #federalreserve #news_analysis #analysis #finance #fednow #cbdc

Ars Technica: Banks serving as guinea pigs for Federal Reserve’s instant payments system https://arstechnica.com/?p=1955684 #Tech #arstechnica #IT #Technology #FederalReserve #JPMorganChase #WellsFargo #payments #Policy #fednow #banks

Banks serving as guinea pigs for Federal Reserve’s instant payments system - Enlarge (credit: fatido | iStock Unreleased)

Yesterday, the US... - https://arstechnica.com/?p=1955684 #federalreserve #jpmorganchase #wellsfargo #payments #policy #fednow #banks

Y'all just now coming up with this?!

The Federal Reserve’s 24/7 payment system could deposit your paycheck instantly https://www.theverge.com/2023/7/20/23802277/federal-reserve-fednow-instant-payment-service

#FederalReserve #FedNow #Banks #Finance #TechNews

quote :
「 #FedNow 」2019年來研發至今，希望消除現金 #轉帳 #結算 常花好幾天的延遲，跟進英國、印度、巴西及歐盟等經濟體，一開始遭大 #銀行 反對，認為很多餘，但許多業者後來參與，因為有助擴大提供服務給客戶。

https://money.udn.com/money/story/5599/7313224

With the launch of #FedNow, the USA might finally start catching up to the work done in the euro area since the 1990s with #SEPA (recently T2+TIPS).

It's funny to read the online commentary on certain anglocentric fora, which completely ignores the rest of the world. As PK happened to write on the same day, «Americans, however, have always had a hard time learning from other countries' experience. A return of economic triumphalism will reinforce that insular tendency».
https://web.archive.org/web/20230720232040/https://www.nytimes.com/2023/07/20/opinion/american-economny-europe-triumphalism.html