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Art
Objkt
Lonely Nostalgia
Price 10.00 ꜩ$8.41 A 1 of 1.
Starlight Reveries
Price 10.00 ꜩ$8.43 edition of 5.
Giant
Price 5.00 ꜩ$4.21 edition of 33
FedNow
A Revolutionary Payment Service from the Federal Reserve
The Federal Reserve has recently unveiled a cutting-edge payment service dubbed FedNow, aiming to modernize the way we handle our finances. With FedNow, banking customers will enjoy the luxury of sending and receiving money instantly, even on weekends or holidays. However, its availability will hinge on whether your bank decides to embrace this new system. Here’s an accessible breakdown of what FedNow is and how it impacts you.
An Overview
FedNow, launched by the Federal Reserve on July 20, 2023, represents an attempt to offer all banks in the U.S, irrespective of their size, the capacity to allow their customers to send and receive payments instantly. Unlike traditional online transfers, which may take up to three business days due to batch processing via the Automated Clearing House (ACH) network, FedNow ensures funds are transferred within seconds.
It's important to understand that FedNow isn't a service directly accessible by consumers, businesses, or non-bank payment providers. Rather, it can be used via a financial institution that participates in the service. Over 120 banks and payment providers have joined the pilot program since 2021.
How Does FedNow Work?
FedNow intends to streamline the typical banking procedures of clearing and settlement. Clearing is when banks exchange details about a payment and carry out activities like fraud checks. Settlement, on the other hand, involves transferring the money to the recipient’s account. FedNow ensures both these processes occur within seconds.
The cost of using FedNow is still unknown, as it will charge participating financial institutions, but whether these charges will be passed on to customers remains unclear. Each transfer will have a limit of $500,000, with an initial default of $100,000 per institution. However, this can be adjusted by individual banks. Currently, FedNow is only available for domestic payments between U.S. financial institutions.
What Advantages Does FedNow Offer?
FedNow offers several benefits that can make financial management more efficient. Firstly, it allows for instant bill payments, ensuring you never miss a due date again. With immediate confirmation of payment acceptance, you can avoid late payment fees and keep your finances in check. Secondly, FedNow allows for instant account-to-account transfers, making it easier to manage your money across different banks.
The Significance of FedNow
While FedNow isn’t the first real-time payment service in the U.S., it’s anticipated to expand the reach of instant payments to more institutions nationwide. It offers access to over 10,000 banks and credit unions, which contrasts with The Clearing House's RTP network, a privately owned entity that serves around 350 institutions.
FedNow adoption among financial institutions may take time, but a promising sign is the participation of the U.S. Department of the Treasury's Bureau of the Fiscal Service. As the department responsible for issuing federal payments to the public, the U.S. Treasury's use of FedNow may expedite the participation of more banks.
What Does This Mean for You?
As a consumer, you don't directly sign up for FedNow. Instead, you may contact your financial institution to see if they offer the ability to send or receive instant payments through this service. If not, there are alternative ways to transfer money from one bank account to another. For now, it's a wait-and-watch scenario to see how many banks and credit unions will hop on the FedNow train, but it definitely offers promising advances for the future of instant financial transactions.
FedNow service are:
24/7 Availability: FedNow allows you to send and receive money instantly, any time of the day, every day of the year, including weekends and holidays.
Quick Transaction: Unlike traditional transfers that may take up to three business days, FedNow transactions are completed within seconds.
Limited Access: You can't directly use FedNow. Instead, it's available through your bank or credit union, but only if they opt to participate in the service.
Instant Bill Payments & Transfers: FedNow enables instant bill payments, meaning you can pay right when a bill is due, avoiding late payment fees. It also allows quick account-to-account transfers, making it easier to manage your accounts across different banks.
Unclear Costs: Although FedNow charges fees to participating banks, it's currently unclear whether these costs will be passed on to you as a consumer.
Transfer Limitations: There are transfer limits, with a maximum cap of $500,000, though your bank can choose to adjust its limits. Also, FedNow is currently only available for domestic payments.
Check with Your Bank: If you're interested in accessing the benefits of FedNow, you should reach out to your financial institution to see if they're participating in the service. If they aren't, there are other alternatives for instant financial transactions.
The Evolution of Art Appreciation and Embracing a More Inclusive Approach
The role of curation in the art world is undeniably significant. It offers structure, organization, and an authoritative perspective that guides audiences in appreciating art. However, critics have pointed out that traditional curation practices can sometimes unintentionally limit creativity, favor established artists, and hinder the exposure of diverse voices.
Recognizing these challenges, a fresh perspective on art appreciation is emerging. This new philosophy seeks to address the limitations of traditional curation, advocating for an unrestricted and democratic celebration of artistic expression.
This evolved approach is not about negating the role of curators or their expertise. Instead, it's about opening up the art world to be more inclusive and representative. It aims to remove barriers that might have previously prevented certain artists from showcasing their work or exploring their creativity to its fullest potential.
At the heart of this movement is the idea of inclusivity. It champions all forms of artistic expression, regardless of the artist's background, the medium of choice, or the thematic elements presented. This openness nurtures creative freedom and provides an engaging platform for both established and emerging artists.
Moreover, this approach also emphasizes the role of the audience in art appreciation. By fostering audience participation and engagement, it deepens the connection between the creator and the viewer. This active interaction democratizes art, bringing the audience closer to the creative process and enriching the overall artistic dialogue.
For artists, this shift can be empowering. It allows them to focus on their unique voices and creative processes without feeling compelled to conform to specific styles or trends. By fostering experimentation and authenticity, this approach helps artists express their individuality without fear of comparison or imitation.
In conclusion, the evolution of art appreciation towards a more inclusive and democratic perspective signals a significant shift in the art world. It acknowledges the drawbacks of traditional curation practices and proposes a more open, diverse, and interactive approach to art appreciation. This is just the beginning of a broader conversation, and as we delve deeper, we'll further explore how this shift can positively impact the artistic landscape. Stay tuned.
Positive communities to connect with:
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If you're interested in learning about the latest developments in tech and web3, then you definitely don't want to miss out on these amazing spaces and podcasts. They're a great way to stay up-to-date with the most cutting-edge trends and ideas in the industry.
I highly recommend checking out the shows on Friday mornings, as well as any other times that they're available. You can find more information about these events by checking out their thread or following their social media accounts.
UNDRGRND
IRL Gallery + NFT Marketplace + Publication:
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Great connector of the Art community. Go grab a membership for future drops. Growing and positive builder pushing forward the ethos
EverRise Community
I highly recommend EverRise to anyone looking to get involved in DeFi. Their platform is easy to use, secure, and offers a wide range of features and benefits that can help users maximize their investments. If you're looking to start building with EverRise today, you're making a wise choice that will surely pay off in the long run!
Thank you to all, stay Born Bored and Inspired.
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