Jump to content
Sign in to follow this  
XRP_Almighty_Q

The Payments Modernization Act (Level Playing Field?)

Recommended Posts

Posted (edited)

Well... I'm not fomenting a glorious revolution to usher in some Aquarian "utopia" (you might want to look that one up;  like many things in literature that started out as jokey warnings to idealists, it's been "literalized" by the newer generations, the same ones who read Huxley or Orwell and think 'oooh, how do we do that?!' instead of being afraid).

Anyway - I do love that you're thinking!  Keep it up!

I gotta jet, but here's some theme music, from me:

 

 

Edited by NightJanitor

Share this post


Link to post
Share on other sites

Is this good or bad? https://www.americanbanker.com/news/fed-plans-to-launch-real-time-payment-service-by-2024

Totally different market, but:

"Big banks argue that the Fed’s involvement will slow adoption of real-time payments in the U.S., which already lags behind much of the rest of the world. The Clearing House, a payments company that is owned by the nation’s largest banks, has been operating its own real-time system since 2017."

 

image.png.4eca895f297570f932b4937951d5d727.png

 

 

 

Share this post


Link to post
Share on other sites

It's neither.  This is a domestic payment system that will have nothing to do with XRP, end of story.

May it have something to do with xCurrent or one of the other 15 private sector submissions to the FPTF?  Yeah, it could.

Could it facilitate XRP transactions 3 years from now as related to cross border payments?  Sure, it could be a payment option in the future just as TIPS and other RTGS systems will allow Fintechs to build on top of them.

Share this post


Link to post
Share on other sites
15 minutes ago, Bettergoham said:

It's neither.  This is a domestic payment system that will have nothing to do with XRP, end of story.

Exactly, one currency.  I thought of this, but then thought it could muddy the water for the average FOMO investor.  They may see XRP and this what's the use, not being able to readily identify the difference.  Why the Fed would reinvent the wheel though is ridiculous to me.  It's just another application of a technology that is becoming more and more prevalent.

Share this post


Link to post
Share on other sites
34 minutes ago, Bettergoham said:

It's neither.  This is a domestic payment system that will have nothing to do with XRP, end of story.

May it have something to do with xCurrent or one of the other 15 private sector submissions to the FPTF?  Yeah, it could.

Could it facilitate XRP transactions 3 years from now as related to cross border payments?  Sure, it could be a payment option in the future just as TIPS and other RTGS systems will allow Fintechs to build on top of them.

Well it's good enough for Dilip , story continues.  

Share this post


Link to post
Share on other sites
Posted (edited)

I just read through their FAQ for FedNow... it really just looks like they are going to hold some money for each bank and use those stashes to instantly process and settle interbank fund transfers.  Really unimaginative and basically creating centralized Nostro/Vostro for domestic payments.

Rather exactly what I would expect from the government actually but still.... disappointing.  I don't think Ripple is in on this in any real way.

2023/2024 lol.  Gotta love government.

Edited by Molten

Share this post


Link to post
Share on other sites
4 minutes ago, Truckdriver said:

Faster payments,  #big picture 

89,204 federal employees

These federal overseas jobs are available to anyone who meets the requirements. There are 89,204 federal employees stationed overseas in over 140 countries. The Defense Department is the largest overseas employer with 47,229 workers.Jul 3, 2019

https://www.federaljobs.net › overseas

Overseas Jobs | Federal Overseas Jobs

The State Department employs 37,968 persons, of whom 22,261 work overseas.Jul 3, 2019

There were around 1.3 million total active-duty U.S. military personnel in 2016. Of these, 193,442 – or 15% – were deployed overseas.Aug 22, 2017

So if you think this payment system is just for domestic use , you have to get out of your mums basement and realize there's  a bigger world out there. :JC_thinking:

I think you might be confused about what the Federal Reserve actually is?  It's not a bank for federal employees, if that is what you are implying.  It is the central bank of the United States and tasked primarily with maintaining the supply of money and credit to member banks throughout the US. 

The purpose of the FedNow system is to allow banks to settle their transactions with each other instantaneously using this system provided by The Fed. 

Share this post


Link to post
Share on other sites

 

6 minutes ago, Molten said:

I think you might be confused about what the Federal Reserve actually is?  It's not a bank for federal employees, if that is what you are implying.  It is the central bank of the United States and tasked primarily with maintaining the supply of money and credit to member banks throughout the US. 

The purpose of the FedNow system is to allow banks to settle their transactions with each other instantaneously using this system provided by The Fed. 

Not implying that at all 

Share this post


Link to post
Share on other sites
Posted (edited)
2 hours ago, XRP_Almighty_Q said:

I thought of this, but then thought it could muddy the water for the average FOMO investor

Yeah, this is your average retail investor hearing the words "settlement" and "liquidity" and assuming it is all a giant conspiracy theory tied to Ripple and a new monetary system.  It's those people who will be ****** off 60 days from now when XRP hasn't moved.  Ripple is attempting to rebuild the way money moves, this will not happen overnight and there is no switch waiting to be flipped so that XRP moons.  It will be a slow and steady process that will be proven through utility and additional profits for organizations.

Edited by Bettergoham

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

×
×
  • Create New...