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FedNow - how do you all feel about it? (lemmy.dbzer0.com)

submitted 1 year ago by Shake747@lemmy.dbzer0.com to c/economics@lemmy.ml

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FedNow appears to be launching July 23, 2023. To me, it doesn't seem very good in the sense that the Fed now gets to be a middle man to payment transactions (sure it's "instant" but we're all aware that security != convenience).

It's also a "centralized" solution.

It could be a stepping stone to a centralized digital bank currency is my fear. And also the fed will now be able to see/monitor all transactions through it.

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[–] JollyGreen_sasquatch@sh.itjust.works 1 points 1 year ago

The fed is already middle man in ACH, but it won't be all transactions anyway. The Swift network is a thing, and credit cards are separate payment processing networks. Overall I expect it is a long overdue upgrade to what ACH does, and should reduce the market for services like zelle/QuickPay/Venmo