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quan

Is this a leak?

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was just reading through Fed's report published on aug/5/19 (https://www.federalreserve.gov/newsevents/pressreleases/files/other20190805a1.pdf)

And found this: Page 33, when some commenters expressed concern that a single private-sector operator would serve as a single point of failure in the faster payment market.

 

"This diversity inherently creates significant coordination challenges that, along with the high fixed costs necessary to develop RTGS services for faster payments, are likely to limit the number and type of entrants in the market. Indeed, only one private-sector RTGS service for faster payments has been established in the nearly six years since the Federal Reserve launched the SIPS initiative and articulated the goal of a ubiquitous, safe, and efficient faster payment system. Comments received by the Board support the expectation that this service is likely to remain the sole private-sector provider of RTGS services for faster payments in the United States."

 

According to the report, SIPS, Strategies for Improving the U.S. Payment System, initiated Faster Payment Task Force team of around a dozen of start up companies, and only one has been established.

So, can anyone help me guess the name of the only company that has been "established" out of the start up since the launch of SIPS? 

That's the company that will serve US with the new RTGS service.

 

 

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15 minutes ago, mrhat75 said:

It says settlement.  The FED is a bank.  Banks won't use XRP.  Ripple uses XRP for settlement..............not Ripple!

who is the only established company out of the task force? Can you answer that

 

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This quote - 

Indeed, only one private-sector RTGS service for faster payments has been established in the nearly six years since the Federal Reserve launched the SIPS initiative and articulated the goal of a ubiquitous, safe, and efficient faster payment system. Comments received by the Board support the expectation that this service is likely to remain the sole private-sector provider of RTGS services for faster payments in the United States."

Is referring to The Clearing House. 

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8 minutes ago, Soup said:

This quote - 

Indeed, only one private-sector RTGS service for faster payments has been established in the nearly six years since the Federal Reserve launched the SIPS initiative and articulated the goal of a ubiquitous, safe, and efficient faster payment system. Comments received by the Board support the expectation that this service is likely to remain the sole private-sector provider of RTGS services for faster payments in the United States."

Is referring to The Clearing House. 

The quote explains why The Clearing House will not be providing services for FedNow.

 

 

Edited by ADingoAteMyXRP

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1 minute ago, quan said:

Not sure what you are trying to say... The Clearing House's RTP network is new. 

The RTP network is the first new core payments infrastructure to be built in over four decades and the first ever designed and built for the digital age. Launched in November 2017, the system is now delivering to U.S. businesses and consumers the real-time functionality, rich messaging, and security consistent with the way Americans operate today – in real-time.  

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1 minute ago, ADingoAteMyXRP said:

The quote explains why The Clearing House will not be providing services for FedNow.

 

 

I'm not saying the PROPOSED FedNow network is TCH's RTP network and neither is that quote. 

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14 minutes ago, ADingoAteMyXRP said:

This comment is saying that building an RTGS system is extraordinarily complex, which is why the private sector on its own has only produced ONE entrant so far (The Clearing House).

That's why FedNow is so important... by adding a federal RTGS system, they hope to provide competition and create new options for banks.

This means FedNow is not using The Clearing House. They want to give banks another option. TCH has been really salty about Fednow on Twitter because, well... it's competition. I think several of the Faster Payments Taskforce vendors are involved in Fednow, and based on the Faster Payments council announcement in May, a major one of them is Ripple. I do not think XRP is involved, but the reason this is a big win for Ripple, is that faster US payments means faster xRapid settlement into and out of one of the largest cross-border corridors on the planet.

I can't tell whether xrp is involved or not. But the report says sole private company, not venders.

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16 minutes ago, Soup said:

Not sure what you are trying to say... The Clearing House's RTP network is new. 

The RTP network is the first new core payments infrastructure to be built in over four decades and the first ever designed and built for the digital age. Launched in November 2017, the system is now delivering to U.S. businesses and consumers the real-time functionality, rich messaging, and security consistent with the way Americans operate today – in real-time.  

I was asking to help name the company that was a part of SIPS initiatives, and became the only established company out of the initiatives .

Clearing house was established in 1853, and neither was part of SIPS initiatives.

Edited by quan

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This article with TCH's Steve Ledford, the Senior Vice President for product and strategy at TCH basically shows his discontent and misery surrounding the FEDNOW choice and IMO, I don't believe TCH will be the winner here folks! 

 

http://www.digitaltransactions.net/its-official-the-fed-is-jumping-into-real-time-payments-with-fednow/

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