;"Why we can't have nice things, why we can't just email money on the internet"

From "FedNow FAQ"
https://news.ycombinator.com/item?id=32515531 :

> W3C ILP Interledger Protocol [1] specifies addresses [2]: [...]

>> Neighborhoods are leading segments with no specific meaning, whose purpose is to help route to the right area. At this time, there is no official list of neighborhoods, but the following list of examples should illustrate what might constitute a neighborhood:

>> - crypto. for ledgers related to decentralized crypto-currencies such as Bitcoin, Ethereum, or XRP.

>> - sepa. for ledgers in the Single Euro Payments Area.

>> - dev. for Interledger Protocol development and early adopters

> From "ILP Addresses - v2.0.0" [2]:

>> Example Global Allocation Scheme Addresses

>> - g.acme.bob - a destination address to the account "bob" held with the connector "acme"

>> - g.us-fed.ach.0.acmebank.swx0a0.acmecorp.sales.199.~ipr.cdfa5e16-e759-4ba3-88f6-8b9dc83c1868.2 - destination address for a particular invoice, which can break down as follows:

>> -- Neighborhoods: us-fed., ach., 0.

>> -- Account identifiers: acmebank., swx0a0., acmecorp., sales, 199 (An ACME Corp sales account at ACME Bank)

>> -- Interactions: ~ipr, cdfa5e16-e759-4ba3-88f6-8b9dc83c1868, 2*

> And from [3] "Payment Pointers and Payment Setup Protocols":

>> The following payment pointers resolve to the specified endpoint URLS:

$example.com -> https://example.com/.well-known/pay
$example.com/invoices/12345 -> https://example.com/invoices/12345
$bob.example.com -> https://bob.example.com/.well-known/pay
$example.com/bob -> https://example.com/bob

> The WebMonetization spec [4] and docs [5] specifies the `monetization` <meta> tag for indicating where supporting browsers can send payments and micropayments:

<meta
name="monetization"
content="$wallet.example.com/alice">

ILP also specifies settlement; From "Fed expects to launch long-awaited Faster Payments System by 2023" (2022) https://news.ycombinator.com/item?id=32658402 :

> And then you realize you're sharing payment address information over a different but comparably-unsecured channel in a non-stanfardized way; From https://github.com/interledger/rfcs/blob/master/0009-simple-... :

>> Relation to Other Protocols: SPSP is used for exchanging connection information before an ILP payment or data transfer is initiated

> To do a complete business process, [there's] signaling around transactions, which then necessarily depend upon another - hopefully also cryptographically-secured and HA Highly Available - information system with API version(s) and database schema(s) unless there's something like Interledger SPSP Simple Payment Setup Protocol and Payment Pointers [...]

Clearing (finance) > US: https://en.wikipedia.org/wiki/Clearing_(finance)#United_Stat...

ACH Network:
https://en.wikipedia.org/wiki/ACH_Network :

> The Federal Reserve's FedACH and The Clearing House Payments Company's Electronic Payments Network (EPN) are the two ACH operators in the United States.[3]

From https://news.ycombinator.com/item?id=28232243 :

> FWIU, each trusted ACH (US 'Direct Deposit') party has a (one) GPG key that they use to sign transaction documents sent over now (S)FTP on scout's honor - on behalf of all of their customers' accounts.

Payment rail: https://en.wikipedia.org/wiki/Payment_rail

EFT: Electronic Funds Transfer: https://en.wikipedia.org/wiki/Electronic_funds_transfer

From "Ask HN: What security is in place for bank-to-bank EFT?" (2021) : https://news.ycombinator.com/item?id=26111184 :

> AFAIU, no existing banking transaction systems require the receiver to confirm in order to receive a funds transfer. [...]

> ILP: Interledger Protocol > RFC 32 > "Peering, Clearing and Settling" describes how ~EFT with Interledger works: https://interledger.org/rfcs/0032-peering-clearing-settlemen...