FedNow instant payment system overview:ย
- Who: The Federal Reserve is preparing to unveil its real-time payment platform, FedNow, which already has a number of early adopters, including Wells Fargo andย Peoples Bank, among others.ย ย
- Why: FedNow is being touted as a first-of-its-kind service that will enable bill payments and money transfers to be made nearly instantaneously.ย
- Where: FedNow is expected to be adopted by financial institutions nationwide.ย
- What are my options: MoneyGram lets you send money around the world.
The Federal Reserve is preparing to unveil a real-time payment platform called FedNow later this month, a first-of-its-kind service that purports to increase the speed at which bill payments and money transfers can be made.ย
The central banking system says FedNow will allow financial transactions to be made nearly instantaneously, with the service expected to be adopted by dozens of banks and financial institutions, reports Money.ย ย
โThe FedNow Service will be available to depository institutions in the United States and will enable individuals and businesses to send instant payments through their depository institution accounts,โ the agency said on its website.ย
More than 50 financial institutions in total will reportedly participate as โearly adoptersโ of the service during its initial release, including banks such as Wells Fargo, JPMorgan Chase, and Peoples Bank, among others.ย
All banks regulated by Federal Reserve eligible, not required, to implement FedNow
FedNow, which will be run by the Federal Reserve, is being touted as a 24/7 instant-payment system that will allow banks to instantly move money, while differing from peer-to-peer payment apps such as Venmo, PayPal, and Zelle, reports Money.ย
Unlike a payment app that nearly all consumers can download and sync to their bank account, FedNow will reportedly only be available to bank account holders of banks that decide to use the service.ย
The Federal Reserve said that any of the approximately 10,000 banks it regulates will be eligible to implement its FedNow service, but that none will be required to do so, reports Money.ย
โTo enable this type of payment for their customers, banks and credit unions of all sizes need a new system that can send and receive funds in real time. The FedNow Service is this system,โ the Federal Reserve said.ย
In other news involving payments, a class action lawsuit was filed against Bank of America in May by a consumer arguing the financial institution collects illegal processing fees for mortgage payments.ย
What are your thoughts on the Federal Reserveโs real-time payment service, FedNow? Let us know in the comments!
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79 thoughts onGovโt to launch FedNow instant payment system
If ur scared and feel like America is crumbling then GOOD! Take your trust out of America and put it into GOD. Get In your Word and grow in faith. Now is the time to make a change!
I lovee how they say all banks dont have to join, they choose if they want to or not. Well knowing that e everything and anything your saying is a lie. So yea they dont HAVE to join but youll just make their business disappear mostlikely if they choose not to joinโฆ. Also!! This is your intro to us yet you had to put. And make it a point that any bank chooses to joinโฆ thats fednow laughing saying yea if yall dont join you know whats going to happen. Your grooming us into thatโฆ its time to take out the garbage!!
No CBDC, No Fed Now, No Sunset Currencyโs! No to Corporate Governance!
I totally agree with you, it states that they donโt have to join us they donโt want to but we all know what happens when you donโt follow their rules, you end up disappearing for your business gets closed down. Come on people wake up the world is not what it says it is we have been lied to from the very beginning.
This is just another scheme by globalist scum to separate you from your money. I say NO to this Fed Now garbage and the thieves who are forcing it on us.
Iโve seen Some of the most ignorant comments in response to Fednow. The system is clearly designed as an alternative OPTIONAL, faster payment method for institutions outside of ACH. Yet, there people posting conspiracy theories, and saying โFednow has no right to do thisโ. Yes, they do. Itโs called improvement. There are so many misguided people who know nothing about funds transfers, let alone simply reading the facts and details of the Fednow source.
You have NO CLUE what YOU THINK youโre signing up for! You say Conspiracy Theory! You may want to look into BRICS b/c over 43 nations are going back to the GOLD backed dollar. The United States money is fiat money and backed by NOTHING. Nixon took us off the Gold backed dollar on August 15, 1971. You are giving the crooked government permission to take your money when they tell you the country is broke. The United States Corporation filed for Bankruptcy in 2018 and it was finalized in 2020. Wake up Sheep! The Feds are LYING TO YOU!
How about you go and do some research and start with the World Economic Forum and see what their plans are and what they have already started implementing in other countries they donโt show you the media about that instead they distract people with something else so people donโt really see whatโs going on. Why do you think the US wants to rid if Tic tox ? Because if it wasnโt for tick tock we wouldnโt get mainstream news, have you watched all the videos of all the protesting going around and all the different countries because of their so-called ideas they want to impose on people like 15 minutes cities why do you think Bill Gates buying all the Farmland they want to move people out of those areas into the city and then control you. The other place you need to look at is the who
No to fed now. They are going to kill 90% of the population. And whatโs left will be prisoners of this cult. They will tell you how to spend your money, when to spend your money, and also take your Money from you, if you donโt do and say everything they want you to say. So, absolutely NO TO FEDNOW!
Agreed
Yes finally someone else who knows what there plans and goals are. We must stand up to them and UNITE with one another and stans firm. Much love and light and postive vibes to you
I want out of hereโฆout of this country. I served my country, but Iโm not a believer anymore. There are good people in the United States, but the Government is behind a really, really big โevil footprintโ, if youโd like to compare โfootprintsโ. How many countless times have we been lied to? How many people in other places simply no longer exist, because our โUSA NOWโ system ran them down? I hate this Government. We need truth in Government, and definitely need to get rid of systems that enslave us further, and limit our range as humans on this planet.
You are so right! I wish the people of this great country would wake up and see whatโs happening.
I agree ๐
We are no longer free. Our forefathers would be horrified. We are cattle, herded to fight when needed, and at best, exploited as cogs in a system. Itโs like, how did we get hereโฆ. and whoโs coming up with all of this stuff? Less Government control, please. Many of us hate being your subjects.๐คฎ
I say no to fed now they have no right to do this
Say NO to FEDNOW!!! This is a blatant violation of the fourth amendment! They have NO right to see any transactions we make, without a search warrant, signed by a judge, to justify them monitoring us. The government tries to sell this to us as candy, but itโs actually a giant pile of sh*t!! There is a LOT more to this program than what is listed here in this article. They want to destroy all physical forms of money and make everything electronic and go through this FedNow bank. Research it. Biden has already signed the bill to implement โBiden Bucksโ, which is basically the same thing as Bitcoin. We have already been off the gold backed system since 1971, so our money means nothing more than someone respecting the valuation of the amount on a piece of paper. The government can print as much money as they want and it all means nothing. Yet they get mad when people counterfeit money, even though they are doing the same thing.
I absolutely agree with EVERYTHING you stated. This FedNow crap is just the Segway for the govt to control your money ( access to it, how you spend it). I believe they intend to do away with cash, make us a cashless society. Once they control your money they basically control your entire life right? If you canโt buy food-you canโt eat. If you canโt pay rent-you are homeless. I hope NOBODY falls for this but, unfortunately itโs ALWAYS some clueless idiot that believes the government is doing this with the best intentions & for the people. PLEASE PLEASE PEOPLE WAKE UP & DO NOT FALL FOR THIS FARCE!!
Do you realize the federal reserve has been using ACH since 1970, which means the FED would have the same visibility into funds transfers under FEDNow.
If itโs laughable that you said, the government has no right to monitor transactions that you make, unless they have a warrant signed by a judge. FINcen has been monitoring transactions under the Bank Secrecy Act since 1970 with no warrant, signed by a judge,. Furthermore, financial information is sent to the financial crimes enforcement, unit from the financial institution , your bank, whenever they deem transactions to be suspicious, not the other way around.
So the fact that youโre mentioning a warrant, talking about a gold backed system, which has nothing to do with this and spewing nonsense pretty much indicates you donโt know what youโre talking about.
Social credit scoring and mass control over our entire lives. Itโs our willingness to give up our freedoms a little bit at a time. Till one day we wake up and realize we have no privacy and so many policies have been implemented over time that there is no undoing it. Think about security cameras. Theres no denying their convenience. But we ignore the fact that someone somewhere has access to the most private parts of our lives, and we have mo idea who or how many! And to top it off alot of us pay monthly fees to allow some random person/persons/companies/governments A front row seat to live viewing us inside our homes while at work driving our vehicles walking down the street exc excโฆ. Most people dont realize that even while in the hospital at your most vulnerable state. Your monitors have cameras inside them that record you! Walmart can see you down the block before you even turn into there parking lots. Yet theyโll have you arrested if you try to record even just yourself while on their property. We all thought we could have side hustles especially during the pandemic selling on Craigslist, Offerup, Letgo, Mercari, Poshmark, Etsy exc excโฆ And uncle sam wouldnt know or couldnt know how much residual income weโd made. Now look you cant even post a vehicle for sale on Craigslist without having to fork over a ton of personal information about yourself. Offerup wants to charge you for your adds and have you fill out tax forms. We thought we could have peer to peer money transfers without them butting in. Nope guess again. Its getting to the point where just sending your kid lunch money is transactional and taxable. Now this fed now crap. Stating that itll be optional not required! BS maybe at first until they implement so many rules and regulations on everything else that it becomes the only convenient way to transact. My old job stopped giving out paychecks to those that didnt have direct deposit or bank accounts. Instead our only option was these Visa cards that came with so many ridiculous fees that youd never get to actually enjoy your entire paycheck. Ranging from monthly fees to have it to atm fees withdrawal fees transfer fees just calling customer service cost a fee! It was F@#$ing ridiculously outrageous. Needless to say I didnt work there long after that. It was like the company I worked for got some sweet ass deal from Visa for something unrelated. And in return basically turned over our rights to our hard earned money. Cause if we wanted it for any reason we had to pay to use it. If you think this fed now crap isnโt the same thing? Like Chinas social credit scores? Than you need to wake up people. Think about Germany during WW2 they told the citizens it was for their safety they they register their guns. Then they took their guns, then they took their freedoms and lives! Our ability to use cash on whatever we want is our business and our right to privacy.
Amen!
Donโt even get this Iโm going to monitor every penny you spend until you went and you canโt canโt spend your money or for what kind of card this is socialism and communism starting donโt fall for it
Right, this is not good!
Fed as largest private bank in US is close to bankruptcy, and as last resort stop they try to steal your money and control your spending
I feel you. Down with the current sellout Government.