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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

#121

Post by kuschku »

xioxox wrote: post #112
kuschku wrote: post #95

Earlier quoted context omitted.

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.

Most German banks should finish rolling out ICT in summer, so things should improve in a few months.

And often banks have copperations, where, between cooperating banks, transactions already run much faster.

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

#122

Post by rco8786 »

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.

I transfer money to individuals multiple times a week via Square Cash or Venmo.

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

#123

Post by rco8786 »

bloodorange wrote: post #40
stupidcar wrote: post #31

Earlier quoted context omitted.

I find I need to do it quite often. Usually because, for speed or convenience, one person in a group has paid for something, like movie tickets, a round of drinks, or the bill a restaurant. Being able to do it easily and immediately makes it much less likely that you'll forget and require your friend either to take a loss, or deal with the awkwardness of chasing people for money. Right now we use Revolut for this, wh…

I'll be off topic I'm afraid but I did want to share my perspective on this. I've lived in two cultures - one where people split the bill and one where one person just pays for it and someone else does the next time and so on. I much prefer the latter approach and among well meaning people, it is hassle free. I believe this is so because on the long run, the differences don't add up to much. I think, in some way, for…

I’m gonna guess that the non-splitting country has a much flatter distribution of wealth?

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

#124

Post by aianus »

jermaustin1 wrote: post #104
theBobBob wrote: post #51

Earlier quoted context omitted.

Really? Most of them were just various ways of splitting or repaying bills. The loan I will admit might be in a somewhat legally grey area.

Traditionally only if you are charging an interest rate. There are a few rules in the US around lending money to non-family and expecting it to be paid back. IANAL, but I lend a lot of money, and this is what I've been told: If you give without the expectation it is typically just cash swapping hands in both directions. If you give money to a non family member and expect payments (with or without interest) OR to a fa…

A no-interest loan to a non-family member is taxed as income to the borrower. They impute an interest rate and say that amount is income since a free loan has a value. I'm not sure what exactly the rate they impute is or how large the loan has to be before they do this.

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

#125

Post by aianus »

chris_wot wrote: post #71
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…

Wow, that’s incredibly simplified. They have to have incredible uptime guarantees, transfer money from different banking systems, and ensure that amounts are never wrong. And we are talking millions of transactions a second here. And it has to be fully working and never make a mistake. Not easy at all.

Australia doesn't do millions of transactions per second, that's absurd. Millions per day at most.

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

#126

Post by Double_a_92 »

therealmarv wrote: post #97
hocuspocus wrote: post #86

Earlier quoted context omitted.

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!

12 hours was the fastest for me...

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

#128

Post by icebraining »

bloodorange wrote: post #40
stupidcar wrote: post #31

Earlier quoted context omitted.

I find I need to do it quite often. Usually because, for speed or convenience, one person in a group has paid for something, like movie tickets, a round of drinks, or the bill a restaurant. Being able to do it easily and immediately makes it much less likely that you'll forget and require your friend either to take a loss, or deal with the awkwardness of chasing people for money. Right now we use Revolut for this, wh…

I'll be off topic I'm afraid but I did want to share my perspective on this. I've lived in two cultures - one where people split the bill and one where one person just pays for it and someone else does the next time and so on. I much prefer the latter approach and among well meaning people, it is hassle free. I believe this is so because on the long run, the differences don't add up to much. I think, in some way, for…

In the subculture I come from, splitting is the typical method, because many can't afford to just pay for everyone without risking going out of money before the next paycheck.

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

#129

Post by ungamed »

aianus wrote: post #125
chris_wot wrote: post #71

Earlier quoted context omitted.

Wow, that’s incredibly simplified. They have to have incredible uptime guarantees, transfer money from different banking systems, and ensure that amounts are never wrong. And we are talking millions of transactions a second here. And it has to be fully working and never make a mistake. Not easy at all.

Australia doesn't do millions of transactions per second, that's absurd. Millions per day at most.

Millions per day is -definitely- incorrect.

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

#130

Post by antirez »

tethys wrote: post #53
baxtr wrote: post #13

Instant payments, aka “instant SEPA” will be available soon also in the EU https://www.europeanpaymentscouncil.eu/what-we-do/sepa-insta...

UniCredit introduced instant payments in Germany and Italy in November 2017, other large banks in Germany are due to follow this summer. https://www.unicreditgroup.eu/en/press-media/press-releases/...

Also Intesa have them in Italy.
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