#fednow — Public Fediverse posts

Banks Face Growing Pressure to Justify Fraud Losses

As the Federal Reserve expands FedNow to handle higher-value transactions, banks face a daunting challenge: making split-second decisions to prevent fraud and money laundering, with transactions becoming irreversible in mere seconds. This heightened risk demands innovative solutions to safeguard against losses.

https://osintsights.com/banks-face-growing-pressure-to-justify-fraud-losses?utm_source=mastodon&utm_medium=social

#FraudPrevention #FinancialServices #AuthorizationThresholds #Antimoneylaundering #Fednow

Central Banks Are Rewriting the Rules of Cross-Border Payments

Moving money across borders still means navigating a patchwork of correspondent banks, local clearing systems and compliance checks…
#Economy ##banking #BIS #centralbank #CentralBanks #featuredinsights #FeaturedNews #FedNow #FinTechs #News #partnerships #PaymentsIntelligence #PYMNTSIntelligence #PYMNTSNews
https://www.europesays.com/2917551/

@xbohiti it's rare on mastodon to see someone reveal such an incredible amount of ignorance as i see in this post.

#fednow has literally nothing to do with crypto.

Tomorrow #ISO20022 starts taking effect & the #FedNow system begins expansion/implementation. Congrats to evry1 who knew this was coming, enjoy the resulting benefits that come with it. I know having family & friends not believe you was tough.But now theres undeniable proof. #Crypto is here to stay.

has anybody been using #FedNow to replace #zelle and #venmo? lots of banks (not my credit union yet) are rolling it out and I'm wondering how it works. can it replace #paypal too? does anybody program with it? could it integrate with #OpenPaymentsDev? does any of what I'm writing make sense?

has anybody been using #FedNow to replace #zelle and #venmo? lots of banks (not my credit union yet) are rolling it out and I'm wondering how it works. can it replace #paypal too? does anybody program with it? could it integrate with #OpenPaymentsDev? does any of what I'm writing make sense?

has anybody been using #FedNow to replace #zelle and #venmo? lots of banks (not my credit union yet) are rolling it out and I'm wondering how it works. can it replace #paypal too? does anybody program with it? could it integrate with #OpenPaymentsDev? does any of what I'm writing make sense?

@g_boccia @williampietri @manux @docpop @Interledger
@dimpase

I'm fine with this kind of govt centralization.

The US has an ACH (automatic clearing house) system where banks have a routing number and then we get account numbers. What I don't get is why we can't modernize this into something like a username/domain to make transferring money like sending an email. then let us build that into apps. also #FedNow is starting up.

do other countries have this? could we have an international system?

@mirlo

credit unions can be cool. we desperately need a decentralized fiat transfer protocol so we can send money as easy as email. instead of using PayPal or Venmo or a credit card, we'd use our own banking apps. #FedNow

$5 FROM [email protected] TO [email protected]

cc @Interledger @Taler

@Jeremiah

I feel like we have to first make sending fiat (almost maybe) as easy as sending an email or message here, except directly from our banking app. An open protocol and API. Then may a million flowers bloom.

I feel like this kinda exists in other countries but the US is only just beginning with #FedNow.

@quillmatiq

we desperately need an open protocol for fiat transfer. #FedNow

cc @Taler @Interledger

Metallicus acquires fintech operator connected to 70 credit unions - The acquisition brings Metal blockchain solutions to Bonifii’s portfolio... - https://cointelegraph.com/news/metallicus-acquires-fintech-operator-connected-70-credit-unions #federalreserve #acquisitions #unitedstates #creditunion #metallicus #blockchain #business #bonifii #banking #fednow #metal

Decided to check back in on #FedNow and it's live! I wonder how many banks are using it. What is that experience like? Kinda excited.

https://en.wikipedia.org/wiki/FedNow

@ben

or if we'd had a better option cause there was an open protocol for fiat bank to bank direct transfer. it would have removed a lot of the interest in crypto too. #FedNow

cc @Interledger

I've been kinda obsessed with how the US does digital fiat transactions and how fixing it would turbo charge the digital media economy, rippling out to making our entire culture less dominated by a wealthy few. #FedNow
https://pca.st/episode/c81fee70-e418-4e65-b625-4f1e94202792

@SeanCasten

just like with music piracy etc, interest in crypto would lessen if we had better ways to transfer money. #FedNow sounds good but it seems to be stalled. it needs to be an open protocol like we use here so that we can build it into applications. no middleman like PayPal, Patreon or credit card companies. the simplicity of sending $5 or $500 (or even pennies) once or recurring from [email protected] to [email protected] w/o big fees. govt oversight is fine. track it in our banking apps.

@mike @rklambo @pcottle

maybe you were trying to push them in this direction, but what we need from somebody as powerful as #meta is help building a decentralized #w3c standard to transfer money (not crypto). as easy as sending $5 from [email protected] to [email protected] with the ability to build apps around it. To directly pay for servers, apps, media etc. I don't see how it would help them but it's so needed and it would probably require their resources and connections to make happen. #FedNow

Atlantic Council: Belief That Dollar Does Not Need to Innovate Is a ‘Miscalculation’ - The U.S. Federal Reserve is lagging behind its peers like the Bank of China in ter... - https://news.bitcoin.com/atlantic-council-belief-that-dollar-does-not-need-to-innovate-is-a-miscalculation/ #centraldigitalcurrencies(cbdcs) #usfederalreserve #digitalcurrency #donaldtrumpcbdc #fintech #fednow

@ChadF @adam

got a link? #FedNow promises to be a fully fiat solution, right? except it wouldn't/couldn't be as international afaik.

@accretionist @yogthos @nivrig

I'm unconvinced but maybe. I don't get why we can't do this with banks and some new @w3c money transfer protocol. #FedNow is just now rolling out in the US.

@annecavicchi @bacchus1234

#FedNOW is supposed to address this, I think

End the #FEDNOW

Bitcoin Magazine Clashes With Federal Reserve Over Satirical ‘Fednow’ Merchandise - According to Bitcoin Magazine, a media outlet dedicated to bitcoin news launched i... - https://news.bitcoin.com/bitcoin-magazine-clashes-with-federal-reserve-over-satirical-fednow-merchandise/ #cryptopublication #bitcoinmagazine #federalreserve #fednowmerch #fednow #news #fed

Bitcoin Magazine Clashes With Federal Reserve Over Satirical ‘Fednow’ Merchandise - According to Bitcoin Magazine, a media outlet dedicated to bitcoin news launched i... - https://news.bitcoin.com/bitcoin-magazine-clashes-with-federal-reserve-over-satirical-fednow-merchandise/ #cryptopublication #bitcoinmagazine #federalreserve #fednowmerch #fednow #news #fed

Bitcoin Magazine Clashes With Federal Reserve Over Satirical ‘Fednow’ Merchandise - According to Bitcoin Magazine, a media outlet dedicated to bitcoin news launched i... - https://news.bitcoin.com/bitcoin-magazine-clashes-with-federal-reserve-over-satirical-fednow-merchandise/ #cryptopublication #bitcoinmagazine #federalreserve #fednowmerch #fednow #news #fed

Bitcoin Magazine Clashes With Federal Reserve Over Satirical ‘Fednow’ Merchandise - According to Bitcoin Magazine, a media outlet dedicated to bitcoin news launched i... - https://news.bitcoin.com/bitcoin-magazine-clashes-with-federal-reserve-over-satirical-fednow-merchandise/ #cryptopublication #bitcoinmagazine #federalreserve #fednowmerch #fednow #news #fed

Bitcoin Magazine claims Fed accused it of trademark violation for t-shirts - Crypto publication Bitcoin Magazine claims it has been threatened... - https://cointelegraph.com/news/bitcoin-magazine-claims-fed-accusation-trademark-violation #rondesantis #trademark #fednow #rfkjr #cbdc

@SeanCasten

don't you think people should have as much freedom to give money privately to whoever they want? I think the ability to control this is similar to limiting speech. It takes money to do political organizing, for example. I don't like crypto generally, but I also don't like too few corporations being our available middlemen in transferring funds. It should be as decentralized and simple as email etc imo. That would unleash a lot of innovation. #FedNow

@silverpill @finestructure @Selena @njan @Gargron

thank you. can you elaborate on your last sentence? because something like #FedNow would need to be involved? it would be much better than what we have now, right?

@vkc

@funkwhale is getting there. yes, we need a decentralized donation system where the money flows automatically and directly based on what we read, watch and listen to. everybody sets up their own pool every month and it automatically goes to the creators as a percentage of consumption at the end of the month. directly bank to bank. perhaps via #FedNow or other national equivalents. no crypto.

cc @tchambers

@c060b31fe2bbb0be4d393bc7c40a80848a25b8f0e0f382cb5b49c37bf7476cb4

maybe. I'm divided between the problems we still have with crypto and the outside control using something like #FedNow would allow.

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

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

Curious about the development environment of the FedNow Service? 🤔 Check out our latest blog post where we dive into IBM MQ, ISO 20022, and the exciting future possibilities! 🌟
https://www.eliza-ng.me/post/fednowservicend/
#FedNow #development #IBM #ISO20022 #futuretech

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

Federal Reserve Launches Fednow for Instant Payments — JPMorgan, Wells Fargo, and 33 Banks Onboard - The Federal Reserve has launched its Fednow Service for instant payments with 35 p... - https://news.bitcoin.com/federal-reserve-launches-fednow-for-instant-payments-jpmorgan-wells-fargo-and-33-banks-onboard/ #fednowcentralbankdigitalcurrency #centralbankdigitalcurrency #federalreservefednow #federalreserve #fednowservice #fednowcbdc #service #fednow #news #cbdc

@blake Legislation is one possibility but in practice only the Fed can solve it. Looks like they're going to try.
https://www.ft.com/content/dcc83529-5659-4d96-8ddf-83351b060e18 (https://archive.is/qsBXx)

If they're lucky, with #FedNow they can replicate the #ECB's role in building #SEPA, most recently with #TARGET2's #TIPS.
https://www.ecb.europa.eu/paym/target/tips/html/index.en.html

The #US #FederalReserve has announced the launch of the much anticipated real-time rail (RTR) #payment system known as #FedNow which allows #Americans to send, receive & settle #funds in seconds instead of the current system where it can take several business days to complete a transaction.

Unfortunately here in #Canada, the RTR payment system has been delayed from a 2022 launch to maybe sometime this year. #PaymentsCanada has not set a launch time frame yet.

#Finance

https://www.reuters.com/business/finance/fed-set-launch-long-awaited-instant-payments-service-modernizing-system-2023-07-20/

US Representative Warren Davidson: ‘CBDC Corrupts Money Into a Tool for Coercion’ - Warren Davidson, U.S. representative and part of the House Committee on Financial ... - https://news.bitcoin.com/us-representative-warren-davidson-cbdc-corrupts-money-into-a-tool-for-coercion/ #digitaldollarpilotpreventionact #centralbankdigitalcurrency #socialcreditsystem #johnf.kennedyjr. #warrendavidson #jimrickards #uscongress #fednow #news #cbdc

Presidential hopefuls RFK Jr. and DeSantis rally against FedNow - The two presidential hopefuls are of the opinion that FedNow is t... - https://cointelegraph.com/news/presidential-hopefuls-rfk-jr-and-desantis-rally-against-fednow #robertf.kennedyjr. #federalreserve #rondesantis #fednow #uscbdc #cbdc

@davidgerard unfortunately one of the banks that will test drive #FedNow is #CrossRiverBank...

so they're going to plug the biggest / most important American "crypto bank" directly into the Fed.

@davidgerard unfortunately one of the banks that will test drive #FedNow is #CrossRiverBank...

so they're going to plug the biggest / most important American "crypto bank" directly into the Fed.

@davidgerard unfortunately one of the banks that will test drive #FedNow is #CrossRiverBank...

so they're going to plug the biggest / most important American "crypto bank" directly into the Fed.

@davidgerard unfortunately one of the banks that will test drive #FedNow is #CrossRiverBank...

so they're going to plug the biggest / most important American "crypto bank" directly into the Fed.

@davidgerard unfortunately one of the banks that will test drive #FedNow is #CrossRiverBank...

so they're going to plug the biggest / most important American "crypto bank" directly into the Fed.

‘Crypto FUD’ — Industry outraged as White House report slams crypto - The report included 35 pages seemingly aimed at debunking the mer... - https://cointelegraph.com/news/crypto-fud-industry-outraged-as-white-house-report-slams-crypto #economicreport #whitehouse #president #document #policy #fednow #biden #cbdc