The Fed will charge banks a fee of $0.045 per transaction.[1]
Transactions take a few seconds. They must finish within 20 seconds or they time out, and they're expected to take much less time. Here's a technical overview.[2]
The bank to Fed to bank API uses IBM MQ and ISO 20022. These are a bit dated but widely used in the financial sector. Down at the bottom, it's XML.
Thank you for posting the actual technical pdf, that was interesting reading
> Certificate-Based Authentication
Heh, so I can look forward to the biennial banking outage as they forget to renew their certs :-D
But in seriousness, I have some experience with x509 auth from the early days of kubernetes using it and unless the system has some robust CRL mechanisms I look forward to knowing how such a scheme will deauthorize users
Interestingly, they also seem to be doing belt-and-suspenders since the messages themselves are signed with the private key of the institution, which appears to be registered out of band from the system itself
Dated?! By banking tech standards, ISO 20022 is futuristic magic, a mere decade old. A lot of banks (particularly in the US) would still be using ISO 15022 or even older standards.
Transactions take a few seconds. They must finish within 20 seconds or they time out, and they're expected to take much less time. Here's a technical overview.[2]
The bank to Fed to bank API uses IBM MQ and ISO 20022. These are a bit dated but widely used in the financial sector. Down at the bottom, it's XML.
[1] https://www.frbservices.org/resources/fees/fednow-2023
[2] https://explore.fednow.org/resources/technical-overview-guid...