meanwhile, while (you) were watching a movie…
Federal Reserve set to oversee bank transactions
'Banks don’t say no to the Fed'
The federal government this month is set to launch FedNow, a “safe and efficient” instant payments service which will allow the Federal Reserve to facilitate payments between bank customers and receive their transaction data.
With FedNow, the Federal Reserve will act as a middleman in transactions between banks and credit unions. Currently, transactions pass through a financial institution called a clearing house, which facilitates the payments. But at the end of this month, the clearing house will instead be the Federal Reserve for many banks.
For example, if John Doe wishes to pay a bill, he would initiate the transaction as he normally would through an end-user platform like his banking app. John’s bank would then send the request to the Federal Reserve, which would notify the recipient’s bank that funds are about to be transferred and would give the go-ahead to John’s bank to release the funds. The Federal Reserve would then take the funds from John’s bank and deposit them in the recipient’s bank. This would all happen in the span of six seconds.
John would be none the wiser that the US government had not only just seen his transaction but had conducted it from beginning to end.
https://frontline.news/post/federal-reserve-set-to-oversee-bank-transactions