⚯ Michel de Cryptadamus ⚯
william.maggoshas anybody been using #FedNow to replace #zelle and #venmo? lots of banks (not my credit union yet) are rolling it out and I'm wondering how it works. can it replace #paypal too? does anybody program with it? could it integrate with #OpenPaymentsDev? does any of what I'm writing make sense?
@g_boccia @williampietri @manux @docpop @Interledger
@dimpase
I'm fine with this kind of govt centralization.
The US has an ACH (automatic clearing house) system where banks have a routing number and then we get account numbers. What I don't get is why we can't modernize this into something like a username/domain to make transferring money like sending an email. then let us build that into apps. also #FedNow is starting up.
do other countries have this? could we have an international system?
credit unions can be cool. we desperately need a decentralized fiat transfer protocol so we can send money as easy as email. instead of using PayPal or Venmo or a credit card, we'd use our own banking apps. #FedNow
$5 FROM [email protected] TO [email protected]
I feel like we have to first make sending fiat (almost maybe) as easy as sending an email or message here, except directly from our banking app. An open protocol and API. Then may a million flowers bloom.
I feel like this kinda exists in other countries but the US is only just beginning with #FedNow.
Decided to check back in on #FedNow and it's live! I wonder how many banks are using it. What is that experience like? Kinda excited.
or if we'd had a better option cause there was an open protocol for fiat bank to bank direct transfer. it would have removed a lot of the interest in crypto too. #FedNow
cc @Interledger
I've been kinda obsessed with how the US does digital fiat transactions and how fixing it would turbo charge the digital media economy, rippling out to making our entire culture less dominated by a wealthy few. #FedNow
https://pca.st/episode/c81fee70-e418-4e65-b625-4f1e94202792
https://pca.st/episode/c81fee70-e418-4e65-b625-4f1e94202792
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just like with music piracy etc, interest in crypto would lessen if we had better ways to transfer money. #FedNow sounds good but it seems to be stalled. it needs to be an open protocol like we use here so that we can build it into applications. no middleman like PayPal, Patreon or credit card companies. the simplicity of sending $5 or $500 (or even pennies) once or recurring from [email protected] to [email protected] w/o big fees. govt oversight is fine. track it in our banking apps.