151–160 of 431 posts
Does anyone in fin tech know why it takes so long?
My understanding is this achieves the same goal as wire transfer, which already exists today, but is for whatever reason super expensive. Why is wire transfer so expensive?
One thing I don't see mention regarding the existing US ACH (or whatever interbank) system is that there is absolutely no verification or security in this system. Just like verification of paper check signature and a whole lot of other financial items - most banks allow anything until questioned. The easiest and cost effective way is to let it happen and reimburse for failures. 1. I have linked a non-joint account in…
I'm pretty sure they at least authenticate the sftp connection for the ach transfers.
I imagine many banks operate similarly, but I can't say that for certain.
One thing I don't see mention regarding the existing US ACH (or whatever interbank) system is that there is absolutely no verification or security in this system. Just like verification of paper check signature and a whole lot of other financial items - most banks allow anything until questioned. The easiest and cost effective way is to let it happen and reimburse for failures. 1. I have linked a non-joint account in…
Earlier quoted context omitted.
Two things (probably more) contribute to this, I think: 1) Americans have been trained from birth to distrust government in all forms. Centralizing more and more services triggers a visceral fear response. (IMO it's nonsense, for the most part, but it's there nonetheless.) 2) Being "first to market" with new technologies often means you're just stuck with the sub-optimal first version, while other countries can learn…
Could also be a forced thing due to being relatively fragmented with many different countries under a union which isn't as tight as the US union of states. Great thing about the US is that it's possibly the biggest homogeneous market in the world where you can form a lot of reliable expectations of people throughout. By contrast, countries such as China and India are highly diverse culturally. You can't even expect p…
One thing I don't see mention regarding the existing US ACH (or whatever interbank) system is that there is absolutely no verification or security in this system. Just like verification of paper check signature and a whole lot of other financial items - most banks allow anything until questioned. The easiest and cost effective way is to let it happen and reimburse for failures. 1. I have linked a non-joint account in…
Credit reporting agency and data broker data. It’s legal and it’s used by the IRS to perform identity proofing so threat actors don’t defraud the US Treasury with fraudulent refund requests using bogus return data.
What I really want this payment system to do is eliminate the direct debit system from checking accounts and return some real security to banking. Secure, irrevocable payments, only initiated by me, from my account to others. No more system that allows mistake debits or others to accidentally/maliciously deduct from my checking account, such that I have to be watching for errors and ask for them to be fixed. Or wonde…
There will be banks that offer products for handling pulls differently, it's a product decision, various features around this are available for the big boys, just haven't trickled down to the masses. But this decade they will. Has nothing to do with Fed Now. Irrevocability- for consumer payments there will always be revocability. Humans doing stuff make mistakes, and need to be able to "take it back." At the ledger l…
And yet, if you go into a store and buy something with cash, you have never been able to just arbitrarily reverse that payment and keep the goods several months later, and the sky has not fallen.
Humans doing stuff make mistakes, and need to be able to "take it back."
And what about the humans who didn't make a mistake, but simply chose to abuse the system at the expense of whoever they transferred the money to? Certainty and security are important for those on both sides of a transaction. If you have a dispute, that's what legal systems are there for. The quasi-judicial role that financial services play in resolving disputes, often with little regulatory oversight and absolutely no requirement to be neutral or objective, is long overdue for retirement.
Earlier quoted context omitted.
I wouldn't call massive sustained protests to be 'accepting'.
Mass protests are only about the bad cop bit. You guys have given up everything . Conditions are far below what Europeans would accept. Better late than never, but very late. It's damaging to other countries, for example in the UK emploers are always trying to lower standards to align with new USA lows. Downvote patriots, instead of fixing your country.
This is the danger you wade into when commenting psuedo-authoritatively about the internal politics of another Nation. You're very unlikely to have a complete picture, or deep enough understanding to make anything but surface-level superficial comments. The only sources available are partisan and political, particularly the stuff that makes it's way overseas. It would be unreasonable to expect otherwise.
As an American, I could easily retort we could have all the nice things if you European's would just pay for your own militaries for once! But that would be a gross simplification of international politics, and a, likely, gross mischaractarization of your country's politics.
One thing I don't see mention regarding the existing US ACH (or whatever interbank) system is that there is absolutely no verification or security in this system. Just like verification of paper check signature and a whole lot of other financial items - most banks allow anything until questioned. The easiest and cost effective way is to let it happen and reimburse for failures. 1. I have linked a non-joint account in…
> On the other extreme, IRS's "MyIRS" site let us authenticate yourself (first time setup) using a security question that allows one to type any financial account number. CC, Bank, 401k, whatever. I mean how tf did they get all that data on me? legally? Why does IRS need my CC number? Credit reporting agency and data broker data. It’s legal and it’s used by the IRS to perform identity proofing so threat actors don’t…
Earlier quoted context omitted.
A brand new protocol.
https://xkcd.com/927/
On the contrary the argument was to build a locally minimal, but sufficient, protocol that doesn’t try to compete with other locally suitable protocols.