21–30 of 88 posts
RIP Zuckbucks ️ This removes a huge part of the mainstream rationale for digital alternative currencies.
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
NPP has been hugely beneficial for p2p. I've used it and now trust it implicitly, as a mechanism. Being stuck in cheque clearing bank settlement delay is a royal pain. International funds clearance and KYC remain problems.
(ie. CommBank will only use NPP for PayID payments, but banks like Up will use NPP for transfers for a BSB/Account number if the receiving banks supports it, not all banks are fully on the platform yet)
The downside is my teenagers can now shake me down for cash remotely
Edit: Also submitted here
https://news.ycombinator.com/item?id=20616846
with this even better source
https://www.federalreserve.gov/newsevents/pressreleases/othe...
RIP Zuckbucks ️ This removes a huge part of the mainstream rationale for digital alternative currencies.
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…
> Compare that to retail banks which charge upwards of $35 for a "next-day ACH". Is that still common? None of my banks / credit unions charges for incoming or outgoing ACH transfers.
Earlier quoted context omitted.
NPP has been hugely beneficial for p2p. I've used it and now trust it implicitly, as a mechanism. Being stuck in cheque clearing bank settlement delay is a royal pain. International funds clearance and KYC remain problems.
NPP is on it's way to being really handy, but it still sucks that I have to hack things to force NPP for some payments (ie. CommBank will only use NPP for PayID payments, but banks like Up will use NPP for transfers for a BSB/Account number if the receiving banks supports it, not all banks are fully on the platform yet) The downside is my teenagers can now shake me down for cash remotely
Compare that to Faster Payments which easily works with 250k with or without a PayID
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
NPP has been hugely beneficial for p2p. I've used it and now trust it implicitly, as a mechanism. Being stuck in cheque clearing bank settlement delay is a royal pain. International funds clearance and KYC remain problems.
Earlier quoted context omitted.
NPP is on it's way to being really handy, but it still sucks that I have to hack things to force NPP for some payments (ie. CommBank will only use NPP for PayID payments, but banks like Up will use NPP for transfers for a BSB/Account number if the receiving banks supports it, not all banks are fully on the platform yet) The downside is my teenagers can now shake me down for cash remotely
NPP is a joke. There's a limit of $1,000 for transfers. It doesn't always work if you don't use a PayID. Compare that to Faster Payments which easily works with 250k with or without a PayID
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…
If you want to accept venmo for commercial purposes or more cash than is usually allowed, they charge you as if it were a credit card transaction. 2.9% + 0.30.
Also, PayPal owns venmo now.