The Fed explains how their highly touted payment platform works in a short video and article on their site.
The Federal Reserve wrote in a press release published yesterday:
The Federal Reserve on Thursday announced that its new system for instant payments, the FedNow® Service, is now live. Banks and credit unions of all sizes can sign up and use this tool to instantly transfer money for their customers, any time of the day, on any day of the year.
The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient.
Over time, as more banks choose to use this new tool, the benefits to individuals and businesses will include enabling a person to immediately receive a paycheck, or a company to instantly access funds when an invoice is paid.
Federal Reserve Chair Jerome H. Powell, said
To start, 35 early-adopting banks and credit unions, as well as the U.S. Department of the Treasury’s Bureau of the Fiscal Service, are ready with instant payments capabilities via the FedNow Service. In addition, 16 service providers are ready to support payment processing for banks and credit unions.
When fully available, instant payments will provide substantial benefits for consumers and businesses, such as when rapid access to funds is useful, or when just-in-time payments help manage cash flows in bank accounts. For example, individuals can instantly receive their paychecks and use them the same day, and small businesses can more efficiently manage cash flows without processing delays. Over the coming years, customers of banks and credit unions that sign up for the service should be able to use their financial institution’s mobile app, website, and other interfaces to send instant payments quickly and securely.
As an interbank payment system, the FedNow Service operates alongside other longstanding Federal Reserve payment services such as Fedwire® and FedACH®. The Federal Reserve is committed to working with the more than 9,000 banks and credit unions across the country to support the widespread availability of this service for their customers over time.
Mainstream media is really playing up the benefits of FedNow. Quoted by Forbes, Davi Strazza, president of North American at Adyen, a Dutch payment processor, wrote in a statement:
FedNow is part of the solution, it’s that last piece of the puzzle. It’s just cost efficiency and cash flow. How do we help merchants move money fast–extremely fast, real-time, if possible.
Looking ahead, especially if you use Brazil and India as examples, it becomes really exciting when you move from business to business back-end infrastructure to consumer-facing products and the protocols for fintech companies to build on top of those rails.
Before you know it you have things such as UPI in India that has high market share and creates a whole different dynamic of innovation.
Forbes added: ‘Faster payroll deposits–particularly for hourly workers with earnings that vary from week to week–could be a big plus. Some American workers who live paycheck-to-paycheck take out costly loans while they wait to access earned wages. Luhtanen, of the U.S. Faster Payments Council, notes that an advertisement for employees at a restaurant chain near his home promises that they’ll be paid within a few minutes at the end of every shift and that the funds will be deposited directly into their bank accounts.’
That poster raises awareness that ‘Hey, payments are catching up with the rest of the way the communication world works in the 21st century.’
Luhtanen says.
The FedNow service will be offered only a select few banks and institutions across the country, out of the thousands of them, but the Fed of course will work to get them all to join. For now, here is the list of banks offering it:
| Organization Name | City | State |
|---|---|---|
| 1st Source Bank | South Bend | Indiana |
| Adyen | San Francisco | California |
| Avidia Bank | Hudson | Massachusetts |
| BNY Mellon | New York | New York |
| Bridge Community Bank | Mechanicsville | Iowa |
| Bryant Bank | Birmingham | Alabama |
| Community Bank of the Bay | Oakland | California |
| Consumers Cooperative Credit Union | Gurnee | Illinois |
| Corporate America Credit Union | Irondale | Alabama |
| Eastern Corporate Federal Credit Union | Burlington | Massachusetts |
| First Internet Bank of Indiana | Indianapolis | Indiana |
| Global Innovations Bank | Kiester | Minnesota |
| HawaiiUSA Federal Credit Union | Honolulu | Hawaii |
| INB | Springfield | Illinois |
| JPMorgan Chase | New York | New York |
| Mediapolis Savings Bank | Mediapolis | Iowa |
| North American Banking Company | Roseville | Minnesota |
| Peoples Bank | Clifton | Tennessee |
| Pima Federal Credit Union | Tucson | Arizona |
| Salem Five Bank | Salem | Massachusetts |
| Star One Credit Union | Sunnyvale | California |
| United Bankers’ Bank | Bloomington | Minnesota |
| U.S. Bank | Cincinnati | Ohio |
| U.S. Department of the Treasury’s Bureau of the Fiscal Service | Washington, D.C. | |
| Veridian Credit Union | Waterloo | Iowa |
| Wells Fargo Bank, N.A. | San Francisco | California |
And these are the names of the settlement agents and liquidity providers offering it:
| Organization Name | City | State |
|---|---|---|
| Alloya Corporate Federal Credit Union | Naperville | Illinois |
| Atlantic Community Bankers Bank | Camp Hill | Pennsylvania |
| BNY Mellon | New York | New York |
| Bankers’ Bank of the West | Denver | Colorado |
| Catalyst Corporate Federal Credit Union | Plano | Texas |
| Community Bankers’ Bank | Midlothian | Virginia |
| Millennium Corporate Credit Union | Wichita | Kansas |
| PCBB | Walnut Creek | California |
| Quad City Bank & Trust | Bettendorf | Iowa |
| The Bankers Bank | Oklahoma City | Oklahoma |
| Vizo Financial Corporate Credit Union | Greensboro | North Carolina |
Moreover, here is the list of certified service providers and the limited actions they can perform with FedNow:
| Organization Name | Receive Only | Send and Receive | Receive RFP* | Liquidity Management Transfer |
|---|---|---|---|---|
| ACI Worldwide Corp. |  | | | |
| Alacriti | | | | |
| Aptys Solutions | | |||
| BNY Mellon | | | | |
| CSI | | |||
| ECS Fin Inc. | | | | |
| Finastra | | | ||
| Finzly | | | ||
| FIS | | |||
| Fiserv Solutions, LLC (Fiserv NOW, Fiserv Payments Exchange) | | | ||
| FPS Gold | | | | |
| Jack Henry | | | | |
| Juniper Payments, a PSCU Company | | | | |
| Open Payment Network | | | | |
| Pidgin, Inc. | | | | |
| Temenos | | |||
| Vertifi Software, LLC | | | |
In the lead-up to this launch, Cleveland Fed President Loretta Mester gave a presentation that detailed more of the specifics as to how it works. She noted that banks can throttle and limit the transaction amount at the bank’s discretion to prevent acts of “fraud,” and prevent against things like bank runs.
In more recent dates the Federal Reserve has pushed back against the idea that FedNow will eventually facilitate and lay the heavy groundwork; even their cohorts have said the opposite in times past, and that it will facilitate a CBDC. The White House has also admitted this in their public dossiers.
AUTHOR COMMENTARY
For among my people are found wicked men: they lay wait, as he that setteth snares; they set a trap, they catch men.
Jeremiah 5:26
While everyone runs off and embraces this, fawning over the convenience of it all, we know this is all about and where it is going. No good can come of it; and it WILL facilitate a CBDC, just not quite yet: there are still some things that need to fall into place beforehand, which we’ve covered in other reports.
There is no way to weasel out of this and stop the system: they’ve been working at this for a VERY long time. The only way to fight it is warn others and limit your exposure to the banks in general, by continuing to transact with cash, but to also continue to work towards decentralizing yourself, becoming your own central bank and not be dependent on the system. The people are dependent will capitulate to this eventually.
[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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The system now; does the same thing, but it takes a little longer, so what is the big hurry? I know I know, other than the evil ones, things are just fine. Every time they screw with anything it gets worse
Welcome to the Divisive States of Corruption.
Welcome to the Divisive States of the World headed by the antichrist placeholder & crew by the spirit they serve: but the one in the heavens laughs. Psalm 2. These creeps who think that by infiltrating & turning, stealing & raping the rest, they’re gonna beat God on that theft.
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There’s a distinction they should remember, & the end of these two men God addressed:
2Sa 12:9 Wherefore hast thou despised the commandment of the LORD, to do evil in his sight? thou hast killed Uriah the Hittite with the sword, and hast taken his wife to be thy wife, and hast slain him with the sword of the children of Ammon.
1Ki 21:19 And thou shalt speak unto him, saying, Thus saith the LORD, Hast thou killed, and also taken possession? And thou shalt speak unto him, saying, Thus saith the LORD, In the place where dogs licked the blood of Naboth shall dogs lick thy blood, even thine.
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Truman: 5/30/50 (they do like their ‘auspicious dates’, don’t they? God’s got THEIR number.) We are ono the threshold of the greatest era of peace the world has ever known.’ Well, The Lord has some Bible numerics for THEM: 1 Thessalonians 5:3 For when they shall say, Peace and safety; then sudden destruction cometh upon them, as travail upon a woman with child; and they shall not escape.
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Remember, they get their counterfeit first. And it is richly deserved all around& the Lord knows to hand out individual judgment as well as corporal. The Bible also said there would be two ‘bodies’: bride, the virtuous woman; and the WHORE.
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James 5:6 Ye have condemned and killed the just; and he doth not resist you. (Do we not consider the insult to the Lord & his name by the godless AND deliberately dumbing down & demoralizing, persecuting of all the children of God’s creation with potential to salvation?? The MILLIONS that GLOBAL socialism has murdered, raped and robbed….all modeled on Romish Babylon? The U.N. is owned by the Vatican & ditto the rest of the leaderships of the nations. The satanists & all haters of God & his word are being used of God’s Romans 8:28 will to corral them to their own destruction. The rest need to get right with God while they can, so they don’t end eternally as they…..regardless of how this thing plays out right now.
The distinction was in their responses. David’s was right. Ahab was the proud idolator & doubleminded man, much like the Deists who will believe in a god of their own imagining, but not the Creator or his word: idolators, and all such are doubleminded & unstable: his was halfway.