Australia’s new real-time banking payments platform • Hacker News Board

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

#131

Post by TekMol » Tue, Feb 13, 2018, 1:43 PM UTC

drodgers wrote: post #87

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.

Bitcoin: a bargain at $40 per transaction in fees! Edit: And several hours to clear

It's true that Bitcoin's current setup is not suitable for a broader adoption. It's already at the limit with just 6 transactions per second.

But the Lightning Network might be a solution to this. After reading quite a lot about it, I tend to think that it can work.

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

#132

Post by dawogfather » Tue, Feb 13, 2018, 1:46 PM UTC

jaimex2 wrote: post #118

Not sure why it says Commonwealth Bank is the only one open at launch. I'm with ING and got an email about it being active this morning.

Commonwealth own ing. They have for a faire while. That's why Commonwealth customers could use ing ATMs for free back when they still had fees

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

#133

Post by dawogfather » Tue, Feb 13, 2018, 1:48 PM UTC

muro wrote: post #25

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…

That was already possible in AU within the same bank.

Yeah but this is between Banks

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

#134

Post by dawogfather » Tue, Feb 13, 2018, 1:51 PM UTC

qzervaas wrote: post #10

The two banks I’ve checked only allow you to use your mobile phone number or email address as your PayID (CBA and ING). When paying somebody, when you enter a recipient’s PayID, the bank confirms by showing the recipient account holder name. So in effect, they’ve just implemented a nationwide number-to-name lookup system. Separate to this, these two banks are pushing it hard. It feels like a land grab, since a single…

Really? That's pretty poor form. And has put me off it without having even used it yet. Imagine the identity theft we are going to see when people can lookup a mobile phone number and account name on one click of their app.

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

#135

Post by raarts » Tue, Feb 13, 2018, 1:53 PM UTC

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).

Last September I was in Armenia. I paid at a supermarket with my debit card. I immediately opened my banking app for my Dutch bank, and the amount was already withdrawn.

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

#136

Post by raisspen » Tue, Feb 13, 2018, 1:55 PM UTC

jimmy1 wrote: post #127

Reading about this and some of the comments here and the enthusiasm, it's a great development for sure. But I just hope that we don't leave out those who prefer to deal with physical currency in the name of "progress"

A lot of governments want to do away with physical currency as it is simply much more difficult to track than electronic transactions. I believe it is one of the reasons China put a lot of effort in developing their mobile payment systems.

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

#137

Post by Feniks » Tue, Feb 13, 2018, 1:55 PM UTC

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...

We had this years ago

https://en.wikipedia.org/wiki/IDEAL

Personally I think it should be NORMAL in 2018 to transfer money between bank accounts in near real time. Without transaction fees.

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

#138

Post by jermaustin1 » Tue, Feb 13, 2018, 2:01 PM UTC

aianus wrote: post #124

jermaustin1 wrote: post #104

Earlier quoted context omitted.

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.

Ah, that is very similar to if the company you work for loans you money. I'm assuming the rate is probably the same as the max interest rate for a family loan.

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

#139

Post by icebraining » Tue, Feb 13, 2018, 2:06 PM UTC

munchor wrote: post #55

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 ;)

Not in Portugal where people use MB Way for instant (~1 second) transfers. It's been around for a while and it relies on phone numbers too.

Can't say I've ever heard of anyone using it, though, and I worked at a software company.

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

#140

Post by stefanfisk » Tue, Feb 13, 2018, 2:09 PM UTC

Gogogogirl wrote: post #60

alkonaut wrote: post #41

Earlier quoted context omitted.

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…

Just asking, because I'm interested. Do you use it to pay Amazon? Your phone bill? You power provider? These are the areas I (Germany) currently use SEPA direct debit and would know how SEPA payments is used/replaced in other countries.

utility bills and other regular stuff like that can be delivered electronically to your bank account in Sweden, such that you just log in and approve them. domestic online purchases are commonly paid by card, by a direct bank transfer that's done integrated as part of the checkout, or through Klarna where your just approve the purchase and then sort it out with them afterwards.