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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

#111

Post by newhere420 »

mstibbard wrote: post #93
noneeeed wrote: post #64

Earlier quoted context omitted.

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 sig…

Setting up accounts for the first time is a pain here, but most natives do that when they're a child. Once you already have one account, setting up subsequent accounts with other banks is much easier. Personally it has never been a problem, but I know several non-natives who had extreme difficulty.

My understanding is this is largely due to very tight regulations that have been placed on the banks to verify identity and stop money laundering. They also now rely on the banks to collect taxes and close accounts of illegal immigrants.

Lots of places ask for signatures, but I've never had anyone actually check my signature. Which is good, because like you, my signature is completely inconsistent.

Pending transactions I've never had an issue with - they usually appear on my phone within a few seconds of me tapping my card. And my banks automatically issued me contactless cards without me having to specify - but they did have an opt-out.

Android Pay was late, but is now accepted virtually everywhere across the country.

Banking apps are terrible. No argument there. Hopefully the new open digital banking legislation will fix that.

For sending money I've still always just used plain old FPS (instant) bank transfers or PayPal. PayM hasn't really been pushed enough yet...

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

#112

Post by xioxox »

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.

Interesting. That's definitely not true for my DKB and Sparkasse accounts in Germany.

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

#113

Post by wastedhours »

wowca wrote: post #23
sandos wrote: post #12

This sounds like the swedish product "swish" which is immensely popular. Nobody does bank transfers between people, everybody transfers to your mobile number. So far I think there are no fees for personal use, either, although they said it would come later a few years ago. Transfers are of course instant and you can see the recipients name before you send the money, which is a great pro compared to a bank transfer to…

Do people really transfer that much money between them on a regular basis? Everyone was touting this as the selling point for some of the crypto currencies, but I've always thought this is a non-issue. It's anecdotal but I can count on the fingers of one hand the number of times I needed to transfer money to a person and not to a company.

To back up the rest of the anecdata here, I'd also say "all the time". Mainly for tickets, or dinner, or bills in a shared house. In fact, because most UK banks have pretty OK mobile apps, you can do it there and then, and with Faster Payments, it'll be in the recipient's account before the transaction actually comes out.

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

#116

Post by fiatjaf »

TekMol wrote: post #47

They spent one billion Australian Dollars to implement a national system for instant payments and have yet to convince banks to adopt it? And it forces users to hand out their phone number or email to strangers? Given that, Bitcoins $140B market cap does not seem too unreasonable. As it is international and gives users better privacy controls.

This is the anti-privacy, anti-Bitcoin system.

And HN people are loving it!

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

#117

Post by XorNot »

nickonline wrote: post #99
origami777 wrote: post #21

Earlier quoted context omitted.

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.

Don't worry someone is still paying Oracle money.

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

#119

Post by literallycancer »

mstibbard wrote: post #93
noneeeed wrote: post #64

Earlier quoted context omitted.

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 sig…

>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

Wouldn't they just send a courier with the papers to your place to sign it? I don't have any UK accounts so just wondering, because that's what my experience signing physical documents has been in Czech. On the other hand, N26 in Germany just needs a video call.

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

#120

Post by alkonaut »

alkonaut wrote: post #41
wowca wrote: post #23

Earlier quoted context omitted.

Do people really transfer that much money between them on a regular basis? Everyone was touting this as the selling point for some of the crypto currencies, but I've always thought this is a non-issue. It's anecdotal but I can count on the fingers of one hand the number of times I needed to transfer money to a person and not to a company.

ALL the time. It's the replacement for cash. Looking at the past 6 months in my history: Split numerous restaurant bills. Paid someone who bought me a concert ticket. Bought some crap in a flea market. Bought a set of used wheels for my car. Bought a hotdog at the son's hockey game cafeteria. Bet the office sports tournament pool. Bought food in a hospital ward. Bought soda in a vending machine. Of these many happene…

I should add: the reason this system is so convenient I’d because it’s a) tied directly to my bank account and doesn’t need me to add money to a “wallet” and b) The only system around, so when splitting a restaurant bill there is no chance someone doesn’t use it, and no chance anyone has any other system. c) Free.
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