Fed announces details of new interbank service to support instant payments

Post by harikb » Mon, Aug 10, 2020, 2:46 AM UTC

ragona wrote: post #140

harikb wrote: post #130

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…

Regarding your last sentence, I think that’s true for, well, basically the entire world. Our security sucks in general. Humans aren’t as mean as they seem, or maybe they just generally suck at it.

Post by tmp538394722 » Mon, Aug 10, 2020, 2:48 AM UTC

Silhouette wrote: post #157

jonahbenton wrote: post #127

Earlier quoted context omitted.

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…

Irrevocability- for consumer payments there will always be revocability. 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…

Post by illektr1k » Mon, Aug 10, 2020, 2:54 AM UTC

ragona wrote: post #140

harikb wrote: post #130

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…

Regarding your last sentence, I think that’s true for, well, basically the entire world. Our security sucks in general. Humans aren’t as mean as they seem, or maybe they just generally suck at it.

Post by iknowstuff » Mon, Aug 10, 2020, 2:59 AM UTC

Post by alasdair_ » Mon, Aug 10, 2020, 3:02 AM UTC

Gustomaximus wrote: post #117

crazygringo wrote: post #101

Earlier quoted context omitted.

As a general rule, the US is terrible at a lot of first-world things for a good reason: because it was the first (or close). We have crappy old subways, airports, bridges, skyscrapers, and so on... because we built them early, versions 1.0. And they stuck around. Other countries had the luxuries of building their versions decades later, when the technology was 2.0 and 3.0 and so on. So the US is stuck with both old a…

I dont buy this we were first to do it. Plenty of other countries do continual upgrades to subways, banking, bridges, financial systems etc. My reasons are partly these; 1) I think US tend to think of itself as No.1 nation and makes it less likely to look at other countries doing things better and looking to follow. I think this becomes a mental limitation for many US citizens and policy makers. 2) There is too much…