Chance (19 Mar 2023)
"Heads Up! Federal Reserve's FedNow Instant Payment Service"


 
Hello John and Doves,
 
We are moving closer and closer to a digital dollar money system.  Where they will be able to control what we buy and sell.  They will see every purchase.  And Biden's new IRS agents will be watching.
 
The Federal Reserve's FedNow service will provide instant access, 24/7 to your money - that's a big selling point to the public.  Instant payments 'within seconds', instant money transfers - in real time...all on line.  This is the Federal Reserve's alternative to the digital dollar.  And it's coming soon - to be released in 'phases' in 2023.
 
"The Federal Reserve said Wednesday it will launch its long-awaited instant payment service FedNow in July.  The instant payment network will settle payments in seconds, with the capability to support consumer-to-consumer, consumer-to merchant, merchant-to-merchant, and bank-to-bank transactions."  This is to "better support nearly every aspect of our economy."
 
"According to the Fed, a mix of banks of all sizes, including the largest processors and the U.S. Treasury, are on board.  The central bank is continuing to speak with financial institutions and service providers to test the program ahead of its implementation."
 
"With the launch drawing near, we urge financial institutions and their industry partners to move full steam ahead with preparations to join the FedNow Service...Starting in the first week of April, the Fed will begin certifying banks to launch the service.  Early adopters will have to conduct customer testing, informed by feedback from the FedNow Pilot Program, to prepare for sending live transactions through the system."  
 
"Fed Governor Michelle Bowman said last year that FedNow, which will enable consumers and businesses to send payments instantly, could offer some of the same benefits as a central bank digital currency."  
Federal Reserve to launch instant payment service 'FedNow' in July
 
This sets up FedAccounts vs ordinary bank accounts.  The Central Bank IS the Federal Reserve.
 
Yep - there it is - "digital currency" and "central bank".  We knew this was coming.  The Federal Reserve, as we've been told, is neither 'federal', nor a 'reserve'.
It's run by a handful of very rich, powerful people.  And butting into our already set up payment system should not be allowed.  I, for one, don't need 'instant' payments or deposits or transactions; especially when I know the Fed has never had my or my country's best interests in mind.  I see this as just more unwanted control over my banking transactions.  And how easy would this be to flip over to the Central Bank's digital currency, CBDC??
 
The Federal Reserve should not be involved in our actual 'banking' - we have banks for that.  We don't need this entity stepping in and taking control of our banking.   
 
Initially very rich/powerful men met in secret at Jekyll Island in 1910 and came up with a plan to reform America's banking system.  The Federal Reserve got Congress to pass and President Woodrow Wilson to sign the Federal Reserve Act of 1913.  This gave the Federal Reserve power over the money supply and thus the economy.  The U.S. government has no control over the Federal Reserve. The Fed governors are not elected by the people. 
How the Federal Reserve Was Formed
 
"The Federal Reserve System is the central bank of the United States."
The Fed - FedNow Oversight Coordination and Strategy
 
So how does this FedNow compare to the 'digital dollar' we've been hearing about?  "The Federal Reserve opted to develop FedNow as an ALTERNATIVE TO A DIGITAL DOLLAR or dollar-backed stablecoin."
 
Wow!   "...formal certification of participants for the service" is "scheduled to begin in the first week of April".  In July, the Federal Reserve will officially announce the launch of its FedNow service.
FedNow, the Federal Reserve's alternative to blockchain and CBDCs, will launch in July | Kitco News
 
"In June, the Federal Reserve and certified participants will conduct production validation activities to confirm readiness for the July launch.....More features and enhancements will be added in future releases to continue supporting safety, resiliency and innovation in the industry as the FedNow network expands in the coming years." 
Federal Reserve Board - Federal Reserve announces July launch for the FedNow Service
 
This site has a list of 110 organizations that have announced participation in the FedNow Pilot Program, January 25, 2021 - I am seeing Capitol One Financial, Citi, BNY Mellon, Goldman Sachs, JP Morgan Chase, Silicon Valley Bank (that just failed), U.S. Bank, Wells Fargo...and a whole bunch of small regional banks, and credit unions.
Announcing the FedNow Pilot Program participants
 
Probably most banks/credit unions will feel like they have to sign up for this.  Or be left behind.  Here's a website for credit unions - the questions asked/with answers are a real eye-opener - here are a few things I saw:  Transaction limits can be set up by the institutions, there will be a way to put a consumer on a "negative list" (or blacklist) (I can see that being abused), transactions are irrevocable since they are instantaneous (that may not be good), there will be costs for the financial institutions to be part of this; also banks/credit unions may charge consumer members for using their FedNow account - plus so much more.  Worth taking a look at this - 
Q & A - What Credit Unions Should Know About FedNow 031423
 
And here's a website encouraging us to "get on board " with the FedNow Service:
FedNow℠ Explorer – Instant Payments Learning & Resources
 
First week of April is right around the corner.  June will be a check up on 'confirming readiness to launch'.  The launch of FedNow is scheduled for July.  This will bring about FedAccounts and they'll see all of your transactions.  Not much of a stretch to think that they'll soon be not just watching, but monitoring our purchases.  A friend of mine thinks that those tens of thousands of new IRS agents will be watching what we purchase...and following up with us.  
 
FedNow is the Federal Reserve's 'alternative' to the digital dollar.
 
This is what many of us having been watching closely.  I was hoping for a bit of a reprieve for a couple of years....but July is just a few months away!
 
Pray for the peace of Jerusalem!
 
Maranatha!
 
Chance