The Federal Reserve’s instant transfer payment platform FedNow, which has the capabilities to eventually foster and facilitate a central bank digital currency (CBDC), is set to launch later this month; and in anticipation for the next step in modernized banking, the Federal Reserve recently announced a list of banks and institutions that will provide the service.
FedNow is an instant payment platform that is interconnected with people’s personal bank accounts interlinked with participating banks, allowing payments of all kinds to be rapidly transferred in a minute or less. Once launched, the platform will be operational 24/7, 365 days, including weekends and holidays. At the end of each business day depositories will report real-time records of all the balances to the Federal Reserve.
Tom Barkin, president of the Federal Reserve Bank of Richmond and FedNow Program executive sponsor, added:
With the FedNow Service, the Federal Reserve is creating a leading-edge payments system that is resilient, adaptive, and accessible. The launch reflects an important milestone in the journey to help financial institutions serve customer needs for instant payments to better support nearly every aspect of our economy.
The WinePress provided more details into the launch of FedNow back in March, how it will work, and how it will transform the banking sector in the United States. SEE: Red Alert: Federal Reserve Set To Launch “FedNow” Digital Payment System To Usher In CBDC
On June 29th, the Federal Reserve disclosed a list of 57 banks and institutions that will host the FedNow service, including the U.S. Treasury department, who all have previously partaken in piloting the system and have received special certification.
Many more are expected to join by years end, as the Feds say they hope all 10,000 U.S. financial institutions will adopt the system too.
We are on track for the FedNow Service launch, with a strong cohort of financial institutions and service providers of all sizes in the process of completing the final round of readiness testing.
With go-live nearing, financial institutions and their industry partners should be confident in moving forward with plans to join the network of organizations participating in the FedNow Service.
Ken Montgomery, first vice president of the Federal Reserve Bank of Boston and FedNow program executive, said
‘Over time, financial institutions are expected to adopt and build on the FedNow Service with the goal of offering new instant payments services to their customers,’ the Federal Reserve added in their press release. ‘Montgomery noted that as a platform for innovation, the FedNow Service is intended to support multiple use cases, such as account to account transfer, request for payment, bill pay, and many others,’ the Feds added.
The list of banks and institutions who helped to pilot and rollout FedNow are listed below:
Participants
- 1st Bank Yuma
- 1st Source Bank
- Adyen
- Alloya Corporate Federal Credit Union
- Atlantic Community Bankers Bank
- Avidia Bank
- Bankers’ Bank of the West
- BNY Mellon
- Bridge Community Bank
- Bryant Bank
- Buffalo Federal Bank
- Catalyst Corporate Federal Credit Union
- Community Bankers’ Bank
- Consumers Cooperative Credit Union
- Corporate America Credit Union
- Corporate One Federal Credit Union
- Eastern Corporate Federal Credit Union
- First Internet Bank of Indiana
- Global Innovations Bank
- HawaiiUSA Federal Credit Union
- JPMorgan Chase
- Malaga Bank
- Mediapolis Savings Bank
- Michigan Schools & Government Credit Union
- Millennium Corporate Credit Union
- Nicolet National Bank
- North American Banking Company
- PCBB
- Peoples Bank
- Pima Federal Credit Union
- Quad City Bank & Trust
- Salem Five Bank
- Star One Credit Union
- The Bankers Bank
- United Bankers’ Bank
- U.S. Bank
- U.S. Century Bank
- U.S. Department of the Treasury’s Bureau of the Fiscal Service
- Veridian Credit Union
- Vizo Financial Corporate Credit Union
- Wells Fargo Bank, N.A.
Service Providers
- ACI Worldwide Corp.
- Alacriti
- Aptys Solutions
- ECS Fin Inc.
- Finastra
- Finzly
- FIS
- Fiserv Solutions, LLC
- FPS GOLD
- Jack Henry
- Juniper Payments, a PSCU Company
- Open Payment Network
- Pidgin, Inc.
- Temenos
- Vertifi Software, LLC
The Federal Reserve has tried to push back against accusations that FedNow is designed to float out a CBDC, claiming that the Federal Reserve is not even sure if they want to implement a programmable digital dollar; but The WP has disproven their recent claims, citing previous statements by Fed officials including Chair Jerome Powell, along with officials statements and documents courtesy of the Biden Administration.
AUTHOR COMMENTARY
I bank with 1st Source, so it was disappointing to see that they readily hopped on board with this.
The Feds are trying to save face about this platform helping to facilitate a CBDC because the public, while still ultimately clueless, are starting to catch on a little; but it’s so obvious it will be the launchpad for one, taking them at their own words.
CBDCs represent the end of financial freedom and personal liberty. They can be:
- 1. Personalized for individuals on an unique basis
- 2. Can be frozen or seized
- 3. Air travel can be restricted
- 4. Tax can be automatically taken
- 5. Fines can be automatically taken
- 6. Purchases can be controlled
- Things like guns and ammo, food and meat consumption, how much gas you buy and how long you drive, how much heat and air you consme, and so on
- 7. Expirations dates for some or all types of transactions
- 8. Limits on spending can be set
- 9. Location limits can be applied
- 10. Food purchases can be rationed
CBDCs are a no-go, but figures that the masses have no idea what’s going per usual. When made to beg for bread, the masses will readily accept this and a subsequent CBDC.
The rich ruleth over the poor, and the borrower is servant to the lender.
Proverbs 22:7
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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Not even the wealthy right now want to be controlled in their spending or how they spend their money, neither to mafia groups and or hackers. its going to fail becore it launches because of all the scammers of today. too man lazies find it easier to scam hack and take , rather than work and earn.
the usa and canada government will not be able to control the amount of hackers that will clean out bank accounts.
my hope is in Jesus and not in mankind inventions.
great article!
btw brother, does ‘the fearful’ change from under the law to now living by faith?
I owe my soul to the company store…