News for hackers. Stuff that matters.

A comment on Fintech Experts: How is this company doing this?. Parent comment

Re:Fintech Experts: How is this company doing this? by homedepotdave on Monday September 13, 2021 @10:51PM (#28519639)
Interesting... I don't know much about Fedwire, I will check it out. Thanks YuriNiyazov!

And yes sorry it's not free, just relatively cheap -- I think it's $200/year and $1 per transaction, which doesn't seem like enough to cover traditional wires.

[ Parent | on HN ]
Re:Fintech Experts: How is this company doing this? by YuriNiyazov on Monday September 13, 2021 @11:05PM (#28519731)
These are the fedwire fees:

https://www.frbservices.org/resources/fees/wires-2021.html

All fees under $1

[ Parent | on HN ]
Re:Fintech Experts: How is this company doing this? by homedepotdave on Tuesday September 14, 2021 @01:51AM (#28520738)
Alright yuriniyazov, I’ve been reading for hours about Fedwire but I’m still a bit stumped. To participate directly in Fedwire you need to have a Master account with the Fed, in which case you need to basically be a bank. So they… have a secret subsidiary that’s a bank that has a fed master account? Or somehow a very, very good relationship with their bank such that their bank (which has a master account) proxies the Fedwire transactions for them at cost?
[ Parent | on HN ]