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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

#221

Post by stingraycharles »

srmatto wrote: post #185
djsumdog wrote: post #158

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…

The US is in dismal shape compared to the UK and now Australia--And its pretty infuriating. Although from what I understand on March 16th, 2018 the US will at least get same-day ACH. However, it will still be batch processed only two times each day--During banking hours no less! https://www.nacha.org/rules/same-day-ach-moving-payments-fas... There is a NPR planet money on why the US has such an archaic system: https:…

> Wire transfers in the US, which usually carry a high fee ($30)

Is this for real ? This sounds incredibly expensive. We have free next-day wire transfers within the entire EU, and real-time transfers for free in The Netherlands. Even my business bank account only charges 2 cents per transfer.

How do Americans wire money to each other when it's so expensive ?

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

#222

Post by optimuspaul »

alkonaut wrote: post #207
optimuspaul wrote: post #204

Earlier quoted context omitted.

Do you think they just do this all in their heads? It's not cumbersome at all, they have POS systems that track individuals at tables, not whole tickets. The server inputs for the table as well as which chair they are sitting in. Then it is very easy to split a ticket in a variety of ways. I think you are complicating the process in your mind or you frequent places that don't use technology.

> I think you are complicating the process in your mind or you frequent places that don't use technology. I think it varies, that kind of tech would only benefit a regular sit-down restaurants where the chairs are in fixed spots and constant. It doesn't work for a busy bar with me shouting "3 more beers" as the waiter walks by. I assume the same or similar POS tech is used everywhere but in most places here I assume…

right on. I don't really go to busy bars (or bars when they are busy, crowds don't work for me at all) so I can't relate. When I was younger and did go to bars that were busy starting a tab wasn't really a thing, you paid for you drink when it came.

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

#223

Post by djhworld »

djsumdog wrote: post #158

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…

This sounds similar to the "faster payments" system we have here in the UK, where most transfers should clear within 2 hours (in my experience they actually clear in a matter of minutes, but I guess they say '2 hours' to give a worst case SLA)

I thought this was fairly normal, until I heard about the way US banks do it on an episode of Planet Money.

The interesting thing about the new Australian system is the fact that you can use an email address or phone number instead of annoying bank account numbers, that's a nice feature. I find account numbers give me crippling anxiety when making big payments, ending up having to triple check that I've inputted every digit correctly etc

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

#224

Post by codeka »

stingraycharles wrote: post #221
srmatto wrote: post #185

Earlier quoted context omitted.

The US is in dismal shape compared to the UK and now Australia--And its pretty infuriating. Although from what I understand on March 16th, 2018 the US will at least get same-day ACH. However, it will still be batch processed only two times each day--During banking hours no less! https://www.nacha.org/rules/same-day-ach-moving-payments-fas... There is a NPR planet money on why the US has such an archaic system: https:…

> Wire transfers in the US, which usually carry a high fee ($30) Is this for real ? This sounds incredibly expensive. We have free next-day wire transfers within the entire EU, and real-time transfers for free in The Netherlands. Even my business bank account only charges 2 cents per transfer. How do Americans wire money to each other when it's so expensive ?

They send each other checks. Actual piece-of-paper checks.

To their credit, they've got it to the point where I can take a picture of the front/back of the check with my smartphone, upload the photos to my bank's website and deposit it that way, but the first time I did this I felt really weird about the whole thing...

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

#225

Post by zuccs »

idonotknowwhy wrote: post #190
xstartup wrote: post #162

Can anyone post a rough breakdown on how $1B can be spent to build such a system?

Look you "myki" on Wikipedia. This sort of thing is normal here in Australia. I assume it's corruption. So frustrating that I'm paying for all these this shit.

You misspelled "NBN".

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

#226

Post by sseth »

MarkMc wrote: post #195
gletard wrote: post #32

In India , similar system called IMPS is pretty popular for small to medium transactions. UPI is also getting popular and it’s based on IMPS

How does it work? Can I use an Android app to send money? Do I just enter the recipient's mobile phone number or is there something else that identifies the recipient?

The use of mobile numbers to instantly transfer money is using UPI, a system built on top of IMPS. UPI is actually just an API. Third-party apps provide payment features on top of UPI.

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

#227

Post by sseth »

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.

It does not have to be violating your privacy. In India, we have IMPS as the immediate payment system. On top of this, the central bank has built UPI - which allows mobile numbers for payments. But it also allows the use of "dummy" or "virtual" ids which can be used to mask your identity from the payer. There is no reason why this cannot be done in Australia also.

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

#228

Post by djsumdog »

codeka wrote: post #224
stingraycharles wrote: post #221

Earlier quoted context omitted.

> Wire transfers in the US, which usually carry a high fee ($30) Is this for real ? This sounds incredibly expensive. We have free next-day wire transfers within the entire EU, and real-time transfers for free in The Netherlands. Even my business bank account only charges 2 cents per transfer. How do Americans wire money to each other when it's so expensive ?

They send each other checks. Actual piece-of-paper checks. To their credit, they've got it to the point where I can take a picture of the front/back of the check with my smartphone, upload the photos to my bank's website and deposit it that way, but the first time I did this I felt really weird about the whole thing...

On my backlog is to write an app that displays a check on a tablet where you can put in your details. Then have someone take a photo with their bank app of your tablet. I bet it would work .. and show how absolutely assine and archaic we are.

In every other country I lived in, I never ordered checks, or used checks. In the US, even if I bill pay via my bank, it mails out a physical check to company it doesn't have an ACH policy with (like landlords)

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

#229

Post by incompatible »

deecewan wrote: post #163
incompatible wrote: post #35

Earlier quoted context omitted.

It's not clear to me if the BSB / Account Number or BPAY payments will be in any way affected by this new system, or if they will remain as slow as ever.

They should be faster, but I doubt it.

The new payment type will be called "Osko", which can only be used with a PayID. The old payment types will apparently continue to operate the same as ever.

Banks may offer smaller maximum transaction sizes for Osko, or delay the first payment to a new account by up to 24 hours, in an attempt to reduce fraud.

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

#230

Post by DJN »

jslampe wrote: post #160

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.

Real-time payment platforms that interconnect all the banks in the country are not new.

Heck, Nigeria rolled out a very advanced one about 7 years ago

https://news.ycombinator.com/item?id=16374597

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