More News, Rumors and Opinions Thursday PM 7-20-2023
KTFA:
Get1Later: All the articles today from Allaq telling :The Iraqi Trade Bank to provide all services quickly and accurately to their customers A N D Informing the rest of the Banks to do business in DINARS ONLY (multiple articles) .....Sounds to me that Allaq's ready to "Flip the Switch" ..... ASAP !!......Just my opinion !!
Margarita: Fednow just launched today as well....it is a system that makes payments much easier....
July 20 (Reuters) - The U.S. Federal Reserve has launched a long-awaited service which will aim to modernize the country's payment system by eventually allowing everyday Americans to send and receive funds in seconds, 24 hours a day, seven days a week, the central bank announced on Thursday.
The "FedNow" service, which has been in the works since 2019, will seek to eliminate the several-day lag it commonly takes cash transfers to settle, bringing the U.S. in line with countries including the United Kingdom, India, Brazil, as well as the European Union, where similar services have existed for years.
Clare: Fed launches long-awaited instant payments service, modernizing system
By Hannah Lang July 20, 2023
July 20 (Reuters) - The U.S. Federal Reserve has launched a long-awaited service which will aim to modernize the country's payment system by eventually allowing everyday Americans to send and receive funds in seconds, 24 hours a day, seven days a week, the central bank announced on Thursday.
The "FedNow" service, which has been in the works since 2019, will seek to eliminate the several-day lag it commonly takes cash transfers to settle, bringing the U.S. in line with countries including the United Kingdom, India, Brazil, as well as the European Union, where similar services have existed for years.
FedNow is launching with 41 banks and 15 service providers certified to use the service, including community banks and large lenders like JPMorgan Chase (JPM.N), Bank of New York Mellon (BK.N), and US Bancorp (USB.N), but the Fed plans to onboard more banks and credit unions this year.
The Fed said on Thursday in a statement that 35 banks and credit unions were currently utilizing the service, as well as the Treasury Department's Bureau of Fiscal Service.
The service will compete with private sector real-time payments systems, including The Clearing House's RTP network, and was initially opposed by big banks who said it was redundant. But many have since agreed to participate on the basis FedNow will allow them to expand the services they can offer clients.
"For us, FedNow really is a wonderful way of expanding reach," said Anu Somani, head of global payables and embedded payments at U.S. Bank.
Unlike peer-to-peer payments services like Venmo or PayPal, which act as intermediaries between banks, payments made via FedNow will settle directly in central bank accounts.
The Fed also operates a real-time payments system called FedWire, but that's reserved for large-scale, mostly corporate payments and is only operational during business hours. While the new FedNow system is for everyone, it's likely to benefit consumers and small businesses the most, analysts have said.
"We want our clients to benefit from these capabilities, and we want that to be a competitive edge for us,” said Carl Slabicki, global co-head of payments for BNY Mellon’s Treasury Services.
Smaller banks, which often connect to FedWire via larger lenders, encouraged the Fed to develop FedNow, arguing that it would allow them access to real-time payments without having to pay larger competitors for the service.
“Having the Fed in the space makes our members feel more comfortable that their needs will be met, that they will be treated fairly for pricing,” said Lance Noggle, senior vice president of operations and senior regulatory counsel at the Independent Community Bankers of America, a trade group.
FedNow will not charge consumers, although it's unclear whether or how participating banks will pass on any costs associated with the service.
Democratic Senator Chris Van Hollen, who had urged the Fed to develop a real-time payments system, said in a statement the launch of FedNow is "good news for American consumers and our economy."
"The launch of FedNow will help connect Americans with their money – when they need it, immediately, in real-time – and will save consumers billions of dollars annually," he said.
Some market participants have raised concerns that FedNow could super-charge a potential bank run by facilitating fast outflows from financial institutions, a fear that was amplified after the failure of Silicon Valley Bank earlier this year.
But Fed officials have downplayed those concerns, arguing that banks have tools available to mitigate a wave of outflows.
At the outset, FedNow will have a maximum payment limit of $500,000, but banks can choose to lower that cap if need be.
Reporting by Hannah Lang in Washington; Editing by Michelle Price and Andrea Ricci LINK
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Courtesy of Dinar Guru
Frank26 [Iraq boots-on-the-ground report] FIREFLY: Bank friends says the key to everything that we're looking for is within the oil and gas because we all know here in Iraq that when they present to us the oil and gas law it will be with a new rate because how are you gonna decide to divide up what everybody gets if you don't know what the rate is? FRANK: The key to everything is in that HCL, that's in the budget, that is waiting for the new exchange rate...
Bruce [via WiserNow] Regarding windows when would it start? ...all the bankers, all the heads of banks have been contacted. This is to go and to let their people know, it's real and it's starting. And we're underway. ...So I'm excited about where we stand right now, you guys. I think this is the closest we've ever been to having it actually manifest. And I'm excited about that.
Economic Collapse: ‘All Banks To Fail’, Fed’s Powell To Resign | Peter Schiff & David Hay
7-19-2023
ALERT! JP Morgan's $60 Trillion "Weapon of Mass Financial Destruction" is PRIMED & READY!
(Bix Weir) 7-20-2023
There's talk of a "New Monetary System" using gold because all the central banks, commercial banks and most countries have MASSIVE AMOUNTS OF GOLD. It makes sense that a return to a gold standard should be one of the alternatives.
But what about Silver? Silver has been used as money for much longer than gold but there is ZERO talk of using Silver in the new monetary SYSTEM...WHY? That's simple... because those who want to continue to control our lives DON'T HAVE ANY SILVER!
What should "We the People" choose for our new monetary system? It seems obvious that Gold will help maintain the status quo but Silver would destroy the Current Monetary Masters! If we get to vote on it After the Crash...I choose SILVER!!