[HN Gopher] Federal Reserve Announces July Launch for the FedNow...
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       Federal Reserve Announces July Launch for the FedNow Service
        
       Author : colesantiago
       Score  : 13 points
       Date   : 2023-03-15 21:04 UTC (1 hours ago)
        
 (HTM) web link (www.federalreserve.gov)
 (TXT) w3m dump (www.federalreserve.gov)
        
       | Dnguyen wrote:
       | Is this an attempt to collect taxes on business transactions that
       | currently some are not being reporting with Venmo, etc.?
        
         | toomuchtodo wrote:
         | 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.
        
       | kylehotchkiss wrote:
       | I'm so excited for this. It'll be nice to get away from cash app,
       | iMessage cash, Venmo, etc. It'll also be nice to pay bills and
       | see that reflected in bank balance immediately instead of in 3
       | days.
       | 
       | What's the process for a transfer? How do you "address" your
       | recipient to send funds?
        
         | pgwhalen wrote:
         | I think you're a bit confused. FedNow is not consumer facing,
         | you need an account at the Fed to use it.
        
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       (page generated 2023-03-15 23:02 UTC)