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Australia’s new real-time banking payments platform

itnews.com.au

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Re: Australia’s new real-time banking payments platform

#91

Post by therealmarv »

kuschku wrote: post #90
therealmarv wrote: post #42

Meanwhile in the EU: Wait more than 48 hours between countries and in the same country wait up to 24 hours. And let's not think about weekends in between ;)

There's so much wrong in this statement, it's a wonder how this was possible. Inter-country and intra-country transfers are all identical (all running via SEPA) and should make no difference. SEPA transfers are legally limited to 24 hours already. SEPA ICT is being rolled out right now, from summer on most banks should support it, which transfers up to €15'000 in 10 seconds.

you maybe never lived in other countries in the EU. It takes more than 24 hours. Client gives order to his bank in country A on Monday evening, bank will execute this order next morning because bank is closed. Money will be transferred from bank A to bank B within this 24 hours. Client b sees on mid day on day 3 or even 4, that's Wednesday (or Thursday) his money on his bank account. Don't tell me about the law... it does not work (and maybe only interbank it works) and I know from practicall experience this is not untypical.

Re: Australia’s new real-time banking payments platform

#92

Post by [deleted] »

rimliu wrote: post #61
therealmarv wrote: post #42

Meanwhile in the EU: Wait more than 48 hours between countries and in the same country wait up to 24 hours. And let's not think about weekends in between ;)

Where in EU? Transfer is almost instant in the same bank where I live and between banks you may wait a couple of hours, unless you do the transfer after the last clearing. Even in that case the waiting time is less than 18 hours.

[deleted]

Re: Australia’s new real-time banking payments platform

#93

Post by mstibbard »

noneeeed wrote: post #64
mstibbard wrote: post #39

Earlier quoted context omitted.

Out of curiosity, who is the world leader in banking? Going from Australia to the UK felt like going back in time 20 odd years.

When was that? I'm in the UK and I'm curious what I'm missing out on. I have mobile banking for everything, I can do almost instant (sub 30s) transfers between banks, we have contactless payment cards and Apple/Android pay support is ubiquitous, and we can do person to person transfers using a phone number (the horribly named "PayM"). What are we missing out on here that we should be pushing our banks for? I do see t…

This is not exhaustive but it is what comes to mind.

* Paper still required for most proof of identity/address etc. Particularly annoying almost all providers are pushing customers to move to online statements but then opening any new accounts still require paper

* Wet signatures still considered king/stronger than other forms of identification. This has caused me issues as I barely ever need to sign and hence my signature is never consistent!

* Took 5 weeks to open an everyday account upon arrival. Seems pretty standard for all ex pats I've talked to. If you are a UK local maybe you've never experienced this?

* Slow to list pending transactions although based on other posts here I may be an outlier in this experience. I assume the new digital banks (Monzo etc) have improved this significantly

* Having to specify that you want a contactless debit/credit card - do people really not want contactless cards? You can always just not use that function...

* All the banking apps I've seen over here are terrible, unfortunately didn't get to try out any of the new digital banks. I assume CBA is probably still the king for mobile banking capabilities

* When I first arrived there was no Android Pay or Apple Pay, but thankfully that did come in around mid to late 2016

EDIT: I also signed up to use PayM but never came across a single person that I needed to transfer money to/receive from that actually had PayM

Re: Australia’s new real-time banking payments platform

#94

Post by lmm »

Spare_account wrote: post #56
xioxox wrote: post #50

Earlier quoted context omitted.

Except in the UK, when it's normally transferred within a few seconds, or a maximum of two hours ("Faster Payments").

The Faster Payment system always tells me that I may have to wait two hours, and then it is instant. Have you ever had one take longer than zero time?

I had one take about 20 minutes, literally once.

Re: Australia’s new real-time banking payments platform

#95

Post by kuschku »

therealmarv wrote: post #91
kuschku wrote: post #90

Earlier quoted context omitted.

There's so much wrong in this statement, it's a wonder how this was possible. Inter-country and intra-country transfers are all identical (all running via SEPA) and should make no difference. SEPA transfers are legally limited to 24 hours already. SEPA ICT is being rolled out right now, from summer on most banks should support it, which transfers up to €15'000 in 10 seconds.

you maybe never lived in other countries in the EU. It takes more than 24 hours. Client gives order to his bank in country A on Monday evening, bank will execute this order next morning because bank is closed. Money will be transferred from bank A to bank B within this 24 hours. Client b sees on mid day on day 3 or even 4, that's Wednesday (or Thursday) his money on his bank account. Don't tell me about the law... it…

I live in Germany, and I'm using online banking with the Commerzbank (normal account), Postbank (savings) and N26 (CC).

I've done hundreds of transfers, sent and received.

In fact, frequently I transfer money to ny parents, or they to any of my accounts (they use commerzbank or postbank), and usually within of 10 minutes my phone gives me a push notification that the transaction has completed and the money is there.

Re: Australia’s new real-time banking payments platform

#96

Post by sumedh »

dav43 wrote: post #84
jaequery wrote: post #4

Did I just read that they spent a billion dollars on it?

A big reason for this system is tax. The thought being if all payments in Australia are seamless and instant AND recorded, there will be no need for cash. Business will no longer be able to hide revenue. They will make up this spend very quickly.

> there will be no need for cash.

There will always be need for cash, business who want to pay employees cash in hand and employees/immigrants who are desperate for jobs will accept less than minimum wage in cash

Re: Australia’s new real-time banking payments platform

#97

Post by therealmarv »

hocuspocus wrote: post #86
therealmarv wrote: post #42

Meanwhile in the EU: Wait more than 48 hours between countries and in the same country wait up to 24 hours. And let's not think about weekends in between ;)

Old-school SEPA transfers take only a few hours between modern banks, even across borders. SCT inst is gradually coming. Bear in mind the SEPA area covers some 500 million people, it's no small feat compared to much smaller domestic markets (Nordic European countries have been ahead of Australia in this regard).

I've never ever seen a SEPA transfer real cross border go through in a few hours in my life!

Re: Australia’s new real-time banking payments platform

#98

Post by therealmarv »

kuschku wrote: post #95
therealmarv wrote: post #91

Earlier quoted context omitted.

you maybe never lived in other countries in the EU. It takes more than 24 hours. Client gives order to his bank in country A on Monday evening, bank will execute this order next morning because bank is closed. Money will be transferred from bank A to bank B within this 24 hours. Client b sees on mid day on day 3 or even 4, that's Wednesday (or Thursday) his money on his bank account. Don't tell me about the law... it…

I live in Germany, and I'm using online banking with the Commerzbank (normal account), Postbank (savings) and N26 (CC). I've done hundreds of transfers, sent and received. In fact, frequently I transfer money to ny parents, or they to any of my accounts (they use commerzbank or postbank), and usually within of 10 minutes my phone gives me a push notification that the transaction has completed and the money is there.

What you are describing are transfers in the same bank. This are totally different than doing real cross border SEPA transfers. I'm only describing my experience with 4 countries (Lithuania, Cyprus, UK, Germany: all EU / EEA)

Re: Australia’s new real-time banking payments platform

#99

Post by nickonline »

origami777 wrote: post #21
codebolt wrote: post #14

Earlier quoted context omitted.

It just seems absurd that it should be so complicated and expensive to build a system which on a basic level is just about maintaining a large table of numbers (the ledger of bank account balances) and doing simple arithmetic on it. And I say this as someone who develops banking systems for a living. I think/hope the banking and financial sector in the future will be much more lean and optimized, both in terms of sys…

It would be interesting to see a line item breakdown of that bill. I'd wager Oracle got a good $50 mill out of it (multi year).

It's SWIFT based.

Re: Australia’s new real-time banking payments platform

#100

Post by mattmanser »

therealmarv wrote: post #91
kuschku wrote: post #90

Earlier quoted context omitted.

There's so much wrong in this statement, it's a wonder how this was possible. Inter-country and intra-country transfers are all identical (all running via SEPA) and should make no difference. SEPA transfers are legally limited to 24 hours already. SEPA ICT is being rolled out right now, from summer on most banks should support it, which transfers up to €15'000 in 10 seconds.

you maybe never lived in other countries in the EU. It takes more than 24 hours. Client gives order to his bank in country A on Monday evening, bank will execute this order next morning because bank is closed. Money will be transferred from bank A to bank B within this 24 hours. Client b sees on mid day on day 3 or even 4, that's Wednesday (or Thursday) his money on his bank account. Don't tell me about the law... it…

This is the problem about talking about the EU like it's one country, it's not.

As another commentator pointed out, the UK it's instant, now it turns out in Germany it's also instant.

That's 150 million EU citizens.

You shouldn't make assumptions that whatever happens in your country, it happens for the rest of the EU.

Here's Holland's transfer times:

https://hoeveelkrijgjij.nl/blog/belastingen/hoe-lang-duurt-g...

That's another country that takes less than 24 hours. I picked them because when I often visited there as a child they seemingly had chip + pin way before the UK, so I assumed they'd be quite advanced. Not quite so as advanced as UK/Germany though. My Dutch isn't great but it looks like it's same day as long as it's before 15:30 on a working day, otherwise next working day. France I'm struggling with as google is obsessed about giving me UK to France bank account wait times.

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