Post AY1pXFK6AqhAEPC91k by AT1ST@mstdn.ca
 (DIR) More posts by AT1ST@mstdn.ca
 (DIR) Post #AY1F0OQFj2uuXv6mnY by anildash@me.dm
       2023-07-24T12:03:55Z
       
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       This is genuinely exciting news — the fed has launched its system for doing instant electronic payments, with 35 institutions already signed on. Ask your credit union or bank when they’re launching support for it. (And note which tech media give coverage to bullshit claims from fascist CEOs purporting to build apps for this purpose, vs. actual real implementations that serve everyone.)  https://explore.fednow.org/
       
 (DIR) Post #AY1F0P8D5c4wkFftJY by matthewburton@mstdn.social
       2023-07-24T12:13:53Z
       
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       @anildash If I recall correctly, this is for b2b transactions.
       
 (DIR) Post #AY1F0Q05rHBFRMsvIm by wjmaggos@liberal.city
       2023-07-24T12:16:56Z
       
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       @matthewburton @anildash not really. it will let me use my banking app to send money directly to your bank account, replacing the need for Venmo for lots of people.
       
 (DIR) Post #AY1lnauJIEPxzQfksy by AT1ST@mstdn.ca
       2023-07-24T18:24:05Z
       
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       @wjmaggos @matthewburton @anildash Wait - so the U.S. finally has E-transfer functionality?It confused me to realize they didn't for so long, and yet Canada did for a long time now.
       
 (DIR) Post #AY1mSsAm0N6FPX3XKC by wjmaggos@liberal.city
       2023-07-24T18:31:47Z
       
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       @AT1ST @matthewburton @anildash can we build apps around it? perhaps a decentralized version of Patreon so that we can get money flowing to writers, podcasters, musicians and video creators? all connected to the fedi?
       
 (DIR) Post #AY1nbUi8hl7XCoL09Q by AT1ST@mstdn.ca
       2023-07-24T18:44:36Z
       
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       @wjmaggos @matthewburton @anildash I don't know necessarily if you can build direct apps off of it - the E-Transfer process can involve security questions to verify the identity of the receiving party, and while you *can* make it an automatic deposit, it's not guaranteed.Usually, you get an email (Or SMS in some cases) indicating that the person sent you an E-Transfer, then you follow a link to the same bank (Or your separate institution if necessary), then you answer the security question.
       
 (DIR) Post #AY1otUZo2jbFxIaNma by AT1ST@mstdn.ca
       2023-07-24T18:46:10Z
       
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       @wjmaggos @matthewburton @anildash Which I guess is a long way of saying it's asynchronous most of the time, and there's a separate mechanism for periodic deposits.
       
 (DIR) Post #AY1otVLfAnsgLiybNQ by wjmaggos@liberal.city
       2023-07-24T18:59:06Z
       
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       @AT1ST @matthewburton @anildash I'd like to have control over an app that watches what I do over a month and based on my viewing, listening and button clicking, divides up and distributes a pre-set amount I choose to creators. maybe it's $10, maybe it's $200. instead of Substack, Spotify and Netflix, we get a million blogs, FunkWhale and PeerTube sites. connected seamlessly and paid directly. no paywalls, ads or middlemen. the excuses not to support them go away.
       
 (DIR) Post #AY1pXFK6AqhAEPC91k by AT1ST@mstdn.ca
       2023-07-24T19:03:38Z
       
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       @wjmaggos @matthewburton @anildash In case the U.S. setup is similar, this is the Canadian system ( https://en.m.wikipedia.org/wiki/Interac_e-Transfer ), for reference.