Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Australia’s new real-time banking payments platform

itnews.com.au

Post reply on HN
Print view View original

151–160 of 238 posts

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

#151

Post by alkonaut »

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…

If you split and the next person pays the next time there is an assumption that it will likely happen again. If it’s a group of people that aren’t close friends it’s very convenient to not have to worry about that.

I wouldn’t swish my friend for getting a beer or coffee but if we were 4 and had a dinner bill for €300 I probably would.

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

#152

Post by Gogogogirl »

stefanfisk wrote: post #140
Gogogogirl wrote: post #60

Earlier quoted context omitted.

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.

Nice!

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

#153

Post by Gogogogirl »

alkonaut wrote: post #141
Gogogogirl wrote: post #60

Earlier quoted context omitted.

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.

No (well, not quite), for online purchases in web shops I either just use my card or I use "bank direct payment" which goes via the same authorization (BankID smartphone app) used for both the direct to phone-number payments (Swish) and for online banking in most/all banks and other major companies and authorities. I don't get paper bills for services such as phone/power/water/insurance/tv, they are delivered to my b…

Thanks!

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

#154

Post by djsumdog »

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…

Huh. With the current transfer system, you input their account number and name to confirm you're sending it to the right place (at least for NAB and ANZ).

That does sound like a bit of an information leak. I mean the big advantage is that you can make pretty big purchases, like pay for a bicycle or car, in real time without having to wait to see the transfer the next day.

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

#155

Post by djsumdog »

dguest wrote: post #77
jaequery wrote: post #4

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

Personally I think a billion dollars for a nationally recognized electronic payment system is worth it. In the US the commercial solutions (venmo, paypal, etc) work fine between friends, but sometimes you get stuck having to write (paper) checks. There are several reasons this can happen: - Some people are just old-school. I've had several landlords who barely understood the internet, good luck getting them to give t…

American is so far behind the rest of the world. Even before this, in Australia and New Zealand, I could pay anyone, direct bank-to-bank, with just their name and account number, within 24 hours.

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

#157

Post by jslampe »

EADGBE wrote: post #156

Is this similar to the Zelle push US banks are, well, pushing for?

No, the NPP is a backend settlement infrastructure used by the central bank. Zelle would be an example of an overlay service, utility or interface to engage with the settlement system. The Clearing House's RTP, UK's FPS, or Singapore's FAST would be more akin to the NPP. NOTE: Zelle is not currently using RTP, but will likely use it in the coming months or years.

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

#158

Post by djsumdog »

Even before this, Australia still had direct person-to-person transfers. They'd just take a day, and required an account number and name.

I've written about this before, but American is terribly far behind on this:

https://penguindreams.org/blog/the-american-banking-system-i...

The closest thing we have in the US is Zelle, which is not a government mandated standard (like ACH) but a private standard created by banks and which only a fraction of banks in the US currently support.

And of course there are services like Venmo/Paypal, but these are private opt-in services, where as most other countries have this system mandated and fee-free between banks via their government reserve banks.

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

#159

Post by jslampe »

dguest wrote: post #77
jaequery wrote: post #4

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

Personally I think a billion dollars for a nationally recognized electronic payment system is worth it. In the US the commercial solutions (venmo, paypal, etc) work fine between friends, but sometimes you get stuck having to write (paper) checks. There are several reasons this can happen: - Some people are just old-school. I've had several landlords who barely understood the internet, good luck getting them to give t…

Agreed. What this article doesn't mention is that the NPP is now the world's most sophisticated payment system. The things this thing can do is insane.

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

#160

Post by jslampe »

This article woefully undersells this development. As of today, Australia is the proud new owner of the world's most advanced payment system. This thing has it all, central directories, fraud sharing services, and an infrastructure BUILT for access by the private sector. There's some governance items and constraints here and there, but otherwise this is insanely advanced.
Post reply on HN