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from the all-the-better-to-track-you-with,-my-dear dept.
The features and functionality described in the accompanying Federal Register notice represent a key milestone in the FedNow Service's development and are based on input received from the public in response to the Board's 2019 request for comment. The Federal Reserve will take a phased approach to service implementation. The first release of the FedNow Service will provide core clearing and settlement features that will support market needs and help banks manage the transition to a 24x7x365 service. Based on ongoing stakeholder engagement, additional features and service enhancements will be introduced over time. The target launch date for the service remains 2023 or 2024, with a more specific time frame to be announced after additional work is completed.
[...] "The rapid expenditure of COVID emergency relief payments highlighted the critical importance of having a resilient instant payments infrastructure with nationwide reach, especially for households and small businesses with cash flow constraints," said Federal Reserve Board Governor Lael Brainard. "Since we initiated FedNow one year ago, we have been hitting our project milestones, and today I am pleased to announce the Federal Reserve Board has approved the core features and functionality based on extensive input from stakeholders."
The Board's Federal Register notice is attached.
For media inquiries, call 202-452-2955
(Score: -1, Offtopic) by Anonymous Coward on Tuesday August 11 2020, @08:37AM (5 children)
It's obvious you, too, don't have a clue what this post is about.
Posting just for the sake of posting? It's been a couple hours so let's just post something?
(Score: 4, Insightful) by Subsentient on Tuesday August 11 2020, @10:49AM (4 children)
It needed more editing, but essentially it's a fix for the long waits for a "check to clear" etc in the US. When this happens, you can get your money deposited immediately, no more waits.
"It is no measure of health to be well adjusted to a profoundly sick society." -Jiddu Krishnamurti
(Score: 2) by driverless on Tuesday August 11 2020, @12:35PM (2 children)
Thanks. For people outside the US who have never experienced "waiting for a cheque to clear" (I assume it means you pay someone from your account and then it takes days for the payment to appear in their account?) it helps to have it put into context.
(Score: 2) by Subsentient on Tuesday August 11 2020, @12:52PM
That is correct. Yep. This is actually a fairly big deal, but really needed a better title and some clarification.
"It is no measure of health to be well adjusted to a profoundly sick society." -Jiddu Krishnamurti
(Score: 0) by Anonymous Coward on Tuesday August 11 2020, @06:54PM
Ancillary benefit. Its real purpose is to make instant money available to the repo markets, which have already received about a trillion month in bailouts since September.
(Score: 4, Insightful) by JoeMerchant on Tuesday August 11 2020, @12:58PM
Doesn't matter - banks will clear money from bankA to bankB in milliseconds, they'll still tell the recipient that it takes 3-5 business days while bankB "clears the funds" before they start earning interest in the recipient's account.
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