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Saturday, April 29, 2023 1:59:39 PM
FedNow PHASE #1: Preparation and Readiness.
Launched in January 2021, this phase ensures that financial institutions are prepared to “go live” with FedNow in mid 2023, without any delays… without any breakdowns… and without any system-wide failures. Given that tens of millions of bank accounts will migrate onto FedNow’s atomic settlement network, every precaution must be taken, which includes the development of a comprehensive “Readiness Guide.”
FedNow PHASE #2: Testing.
Underway now, the testing phase is, well… exactly as described. Its mission is to identify and resolve every “friction point” contained within FedNow’s real-time settlement platform before its wide-scale national rollout. “It’s easy to undersell the amount of complexity and effort that has gone on with this project. But we’re close. As we move toward our launch in mid-2023, we’ve got everything where it needs to be,” says FedNow’s senior VP.
FedNow PHASE #3: National Rollout.
An estimated 95.5% of American households have a checking or savings account at a bank or credit union. Through such banks accounts — which collectively hold roughly $19.56 trillion in cash deposits — we pay our bills… we pay our taxes… we write checks… we buy groceries… we receive our paychecks… we receive inheritances… we receive other sources of income, etc.
Upon FedNow’s national rollout in mid 2023…
FedNow seeks to reroute roughly $73 trillion in transactions away from the 40-year-old clearinghouse system (run by the banks); toward the Federal Reserve’s brand-new settlement network.
FedNow, therefore, jeopardizes the banking industry’s rulership over the economy.
============================================
fed --- digital coin
https://secure.moneyballeconomics.com/?cid=MKT722122&eid=MKT727859&channel=&oid=45&affid=61&tid=10d3f764a8924c08817269907eb22494&creative_id=527&source_id=&sub1=&sub2=&sub3=&sub4=&sub5=&assetId=AST289558&page=2
[-chart]cdn.moneyballeconomics.com/events/202303msafednow/images/018.png[/chart]
Launched in January 2021, this phase ensures that financial institutions are prepared to “go live” with FedNow in mid 2023, without any delays… without any breakdowns… and without any system-wide failures. Given that tens of millions of bank accounts will migrate onto FedNow’s atomic settlement network, every precaution must be taken, which includes the development of a comprehensive “Readiness Guide.”
FedNow PHASE #2: Testing.
Underway now, the testing phase is, well… exactly as described. Its mission is to identify and resolve every “friction point” contained within FedNow’s real-time settlement platform before its wide-scale national rollout. “It’s easy to undersell the amount of complexity and effort that has gone on with this project. But we’re close. As we move toward our launch in mid-2023, we’ve got everything where it needs to be,” says FedNow’s senior VP.
FedNow PHASE #3: National Rollout.
An estimated 95.5% of American households have a checking or savings account at a bank or credit union. Through such banks accounts — which collectively hold roughly $19.56 trillion in cash deposits — we pay our bills… we pay our taxes… we write checks… we buy groceries… we receive our paychecks… we receive inheritances… we receive other sources of income, etc.
Upon FedNow’s national rollout in mid 2023…
FedNow seeks to reroute roughly $73 trillion in transactions away from the 40-year-old clearinghouse system (run by the banks); toward the Federal Reserve’s brand-new settlement network.
FedNow, therefore, jeopardizes the banking industry’s rulership over the economy.
============================================
fed --- digital coin
https://secure.moneyballeconomics.com/?cid=MKT722122&eid=MKT727859&channel=&oid=45&affid=61&tid=10d3f764a8924c08817269907eb22494&creative_id=527&source_id=&sub1=&sub2=&sub3=&sub4=&sub5=&assetId=AST289558&page=2
[-chart]cdn.moneyballeconomics.com/events/202303msafednow/images/018.png[/chart]
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