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Some real-time payment infrastructures to compare to: UK - Faster Payments Service (2008) https://en.wikipedia.org/wiki/Faster_Payments_Service EU - SEPA Instant Credit (2017) https://en.wikipedia.org/wiki/Single_Euro_Payments_Area#SEPA... Australia - New Payments Platform (2018) https://en.wikipedia.org/wiki/New_Payments_Platform
Some real-time payment infrastructures to compare to: UK - Faster Payments Service (2008) https://en.wikipedia.org/wiki/Faster_Payments_Service EU - SEPA Instant Credit (2017) https://en.wikipedia.org/wiki/Single_Euro_Payments_Area#SEPA... Australia - New Payments Platform (2018) https://en.wikipedia.org/wiki/New_Payments_Platform
http://www.anterior.banxico.org.mx/sistemas-de-pago/servicio...
I'm still hoping for something similar where I currently live, here in Switzerland (not in the EU). Payments generally arrive the next business day but that isn't good enough for most in-person transactions.
FedACH, or "direct deposit", costs pennies wholesale [0]. The value proposition of Venmo/Zelle is not just that they're instant, but that the fees are not insane. Compare that to retail banks which charge upwards of $35 for a "next-day ACH".
The Fed should impose fee caps to encourage adoption.
[0] https://www.frbservices.org/resources/fees/ach-2019.html
I expect banks to start charging a $65 per transaction premium to interface with this system. FedACH, or "direct deposit", costs pennies wholesale [0]. The value proposition of Venmo/Zelle is not just that they're instant, but that the fees are not insane. Compare that to retail banks which charge upwards of $35 for a "next-day ACH". The Fed should impose fee caps to encourage adoption. [0] https://www.frbservices.or…
How does effect Visa & MasterCard
Visa: https://developer.visa.com/capabilities/visa_direct Mastercard: https://www.mastercard.us/en-us/issuers/products-and-solutio...
According to https://www.forbes.com/sites/tomgroenfeldt/2019/03/15/visa-d... >50% of Uber/Lyft drivers opt to pay a 50 cent fee to get paid in real-time instead of via ACH.
I'm still hoping for something similar where I currently live, here in Switzerland (not in the EU). Payments generally arrive the next business day but that isn't good enough for most in-person transactions.
Is Switzerland working on something along those lines now? I'm surprised, given the outsized Swiss position in global banking, that they're not among the leaders on this front.
I expect banks to start charging a $65 per transaction premium to interface with this system. FedACH, or "direct deposit", costs pennies wholesale [0]. The value proposition of Venmo/Zelle is not just that they're instant, but that the fees are not insane. Compare that to retail banks which charge upwards of $35 for a "next-day ACH". The Fed should impose fee caps to encourage adoption. [0] https://www.frbservices.or…
Is that still common? None of my banks / credit unions charges for incoming or outgoing ACH transfers.