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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

#231

Post by thisacctforreal »

djsumdog wrote: post #228
codeka wrote: post #224

Earlier quoted context omitted.

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…

I imagine some of the pictures are randomly selected for manual review, and especially any pictures that the bank deems the least bit iffy.

Unless you'd like to hire lawyers to help you with a fraud case, I'd recommend not taking that our of your backlog.

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

#232

Post by a254613e »

denzil_correa wrote: post #183
a254613e wrote: post #174

Earlier quoted context omitted.

N26 is the only one that has semi useful applications and web interface. My main problem with them is that they're first and foremost a startup, not a bank. Some issues I've had with them include double transactions, failed scheduled transactions, horrible 9-5 support, unable to unlock card because their web page was down for 24h. On top of that their security practices are horrible[0] >I mailed them one 4-page form,…

> My main problem with them is that they're first and foremost a startup, not a bank. N26 has a full banking license. https://techcrunch.com/2016/07/21/number26-is-now-a-true-ban...

Yeah, I meant that more in the sense that they focus more on new fancy half broken mobile first features than on what makes bank a bank - things like working transactions.

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

#233

Post by Whitestrake »

zuccs wrote: post #225
idonotknowwhy wrote: post #190

Earlier quoted context omitted.

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".

I doubt he got them mixed up; myki is a pre-loaded NFC smart card payment system for public transport in Victoria, Australia. go cards are another similar system.

NBN is a completely different beast, being an internet carrier and service wholesaler with ambitious and expensive last-mile infrastructure concerns, for one thing.

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

#234

Post by cheesekun »

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…

Most banks will have daily rate limiting on PayID lookups. This prevents using a banks systems as an API to PayID.

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

#235

Post by vintagedave »

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...

In Estonia and likely Sweden and Finland you can already do this. I use the Swedbank mobile app, and can send anyone money same-day. If it's a known account and under a user-specifiable limit (eg 30 eur) I don't even need to authenticate other than opening the app; to add a new person and account, or a large amount, I need to authenticate.

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

#236

Post by idonotknowwhy »

sien wrote: post #218
idonotknowwhy wrote: post #187

Earlier quoted context omitted.

Aussie here. I never knew that the U.S lacked this. We've had this feature for decades. Within the same bank, it's instant. Inter-bank it can happen the same day depending on the banks involved and when they run their batch processing. I always considered this a primitive system for not being instant.

Australian who lived in the US here. It used to make me laugh when Americans would describe Australia as 'like the US 10 years ago'. Then I would write them a check. Then I would try and send a text message that wouldn't go across networks as had always worked in Australia for years... In Australia leaving in the 1990s I had never written a check because even then B-Pay was around and people did direct deposit for re…

This is good to hear. I've been getting increasingly disappointed with a lot of things we do in Australia, so it's good to hear that we're ahead of or on par with other "developed" countries in at least a few things.

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

#237

Post by idonotknowwhy »

Whitestrake wrote: post #233
zuccs wrote: post #225

Earlier quoted context omitted.

You misspelled "NBN".

I doubt he got them mixed up; myki is a pre-loaded NFC smart card payment system for public transport in Victoria, Australia. go cards are another similar system. NBN is a completely different beast, being an internet carrier and service wholesaler with ambitious and expensive last-mile infrastructure concerns, for one thing.

Correct. I didn't get the mixed up, was just bringing up another example of stupid spending we do here.

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

#238

Post by gletard »

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?

For plain IMPS, you need to use your bank’s App. For UPI, you can use any app eg google tez, or WhatsApp. One requirement for both is you need to link mobile number with your bank account and for plain IMPS you need additional id called MMID for transfer. UPI does not need it. It also has cool feature of requesting money from other UPI addressses.
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