Fed announces details of new interbank service to support instant payments

Re:Fed announces details of new interbank service to support... by SllX on Monday August 10, 2020 @12:38AM (#24105605)

You say “FedNow will eventually supplement”, and I read through your post, not too thoroughly, but I liked it and saved it to my Pinboard archive. Why couldn’t FedNow eventually replace the system you described though?

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Re:Fed announces details of new interbank service to support... by woodruffw on Monday August 10, 2020 @12:47AM (#24105648)

It might be able to! I was being a little conservative.

It's possible that some of the more obscure abilities of ACH, like death notification entries[1], won't be needed in FedNow or will be replaced separately. But that's idle speculation on my part.

[1]: https://www.moderntreasury.com/journal/what-happens-when-you...

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Re:Fed announces details of new interbank service to support... by SllX on Monday August 10, 2020 @01:23AM (#24105839)

Well apparently they’re using some schema called ISO 20022, and I saw references further down that this is a complicated beast, to be expected if ISO is involved, but a cursory once over makes it appear to be the type of schema which whether easily or with the forging fires of hell or somewhere in between makes it possible to incorporate other schemas such as ACH.

Thank you for answering my questions, faster payments is something I think we can all get behind.

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