Daisy Luther

esterday, with a bit of fanfare but not TOO much fanfare, a “wonderful” new product was launched. FedNow is live, and we can all transfer money to our heart’s content via the Federal Reserve.

Wow, that sounds great, doesn’t it? Of course, that is a spot created by the Federal Reserve and up ton the Federal Reserve YouTube channel.

FedNow is live at 35 banks.

Axios reports that 35 banks across the country are participating in the launch.

By the numbers: So far, 35 banks have signed up as early adopters of FedNow, including JPMorgan Chase and Wells Fargo, but notably not including Citigroup or Bank of America. That number is rather lower than the Fed led us to believe as recently as recently as June.

The U.S. Treasury is also signed up as an early adopter of FedNow.

Some 353 banks and credit unions have signed up for RTP.

In order to use either service, both the sending and the receiving bank need to be signed up for the system.

We are now officially on that slippery slope I’ve been talking about. I wrote about exactly this happening in my dystopian fiction, Good Citizens, and discussed how this could evolve to control almost every aspect of our lives.

Why I’m concerned now that FedNow is live

A while back, I wrote an article discussing a payment gateway designed by the Federal Reserve called FedNow. This is a way to make instant transfers between accounts, sort of like PayPal or Venmo, but without the users having to move the money from various wallets.

While it sounds convenient, the concern is that this puts the infrastructure to quickly roll out CBDCs into place. Previously, I wrote about this.

On March 15th, in the midst of the banking collapses, the Federal Reserve issued a press release detailing a new instant payment system that will be launched in July. That system is called FedNow. Here’s what they said about it.

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