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Fed announces details of new interbank service to support instant payments

federalreserve.gov

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Re: Fed announces details of new interbank service to support instant payments

#181

Post by betoharres »

cheez wrote: post #98
lelc wrote: post #84

If anyone from the FED is reading this I have this advice: don't use ISO20022! (I've been working on the brazilian instant payments project, known as PIX). It's an overly-complicated-try-to-solve-everything standard that promises interoperability but only delivers pain and misery. Since each country has its own standards for person and account identification, in dealing with these local realities, the ISO20022 adds q…

And I got downvoted for predicting this a few weeks ago.

I have negative karma here. this is a positive thing; I just love pissing off these suckers

Re: Fed announces details of new interbank service to support instant payments

#182

Post by madamelic »

pacaro wrote: post #114
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…

Banking in general and international banking, predate the US London, Glasgow, Budapest and Paris all have metro systems that predate the New York Subway There are multiple bridges that are still in use that predate European colonization of North America While the oldest airport is in the US, (College Park), Hamburg, Bucharest, Bremen, Rome, Amsterdam, Paris, Sydney all follow very shortly after AFAICT Skyscrapers is…

I have always been under the impression it is because the US wasn't bombed to bits during WWII and didn't basically get to re-think infrastructure.

Re: Fed announces details of new interbank service to support instant payments

#183

Post by techsupporter »

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…

> They didn't check my ID. I am not kidding. I did enter my ATM card and PIN.

If this is the bank I think it is, once you inserted your card and entered your (valid) PIN, the teller was shown the color scan of your ID card that you presented when you opened the account. The teller then uses this to compare to you without you handing over a (possibly-faked) ID card.

That is why this bank will periodically ask you to provide a new copy of your ID.

Re: Fed announces details of new interbank service to support instant payments

#184

Post by triceratops »

tehjoker wrote: post #81

The government will do everything to make the financial system work for banks and nothing to make it work for people.

"The rapid expenditure of COVID emergency relief payments highlighted the critical importance of having a resilient instant payments infrastructure with nationwide reach, especially for households and small businesses with cash flow constraints," said Federal Reserve Board Governor Lael Brainard."

It sure sounds like this particular thing is good for "the people". It'll take away some business from industries that prey on the poor, like check-cashing.

Re: Fed announces details of new interbank service to support instant payments

#185

Post by SllX »

woodruffw wrote: post #39

Settlement between banks in the United States is astoundingly complicated, for (fascinating, terrifying) historical reasons. FedNow is a huge step towards fixing holes that private companies have been papering over for over two decades. Blatant self promotion: for anybody interested in learning more about the Automated Clearing House system (which FedNow will eventually supplement) and interbank settlement in general…

You say “FedNow will eventually supplement”, and I read through your post, not too thoroughly, but I liked it and saved it to my Pinboard archive. Why couldn’t FedNow eventually replace the system you described though?

Re: Fed announces details of new interbank service to support instant payments

#186

Post by BurningFrog »

sneak wrote: post #179
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…

The FBI receives every payment card swipe in the United States, in real-time, with no warrant. This has been going on for at least a decade. There is approximately zero financial privacy in the US.

Is this a public fact or an accusation?

Re: Fed announces details of new interbank service to support instant payments

#187

Post by gexla »

haltingproblem wrote: post #155
gexla wrote: post #82

Earlier quoted context omitted.

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…

China is diverse linguistically? You mean to say I can encounter some one in a major metro in China and they won't speak mainland Mandarin?

I have never been to China. I'm from the US and I only speak English. Currently I'm living in the Philippines though.

I imagine China is a lot like the Philippines. There are a lot of dialects and then one national language. The national language here is Tagalog, but English is also a national language.

You can expect that almost everyone speaks the local dialect unless they are from another region. You can expect that most people speak conversational English. Some have a difficult time speaking Tagalog and may revert to English if Tagalog is the only common language among the speakers.

People feel confident speaking the languages they use regularly. For regions outside the Tagalog regions, that's mostly the regional dialect. Most street signs are in English. Local TV is mostly Tagalog but there are English stations as well.

Everyone is unique, but in many cases people have no reason to speak Tagalog. They may hear it, but hearing is different than speaking. In any case, you can't make the same assumptions nation-wide as you can with people in the US.

In the Philippines, you could do pretty good with marketing in English. Kids are taught English in school and it's possible the regional dialects could quickly disappear in the future. If you're going to learn only one language in the Philippines, it should be English. Other countries may not have this same unity on language. Each country is different.

In the US, you have (Wikipedia 2019 numbers) nearly 330 million people who you can make solid assumptions for in terms of language. Most of those people are English as a daily driver if not a first language. It's hard to beat the combination of one of the most widely spoken languages and one of the largest countries by population.

I don't know what other language has that many "first language" speakers in a single country. Mandarin could be, but even within the Mandarin language there are lots of dialects (one caveat is that the writing system is the same for all.) So, it's difficult to determine what the actual numbers are. According to a quick Google search, a quarter of the Chinese population doesn't speak the common tongue at all.

An honorable mention might be Brazil, a country with a population of over 200 million and all-in on Portuguese.

Re: Fed announces details of new interbank service to support instant payments

#188

Post by hossbeast »

sneak wrote: post #179
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…

The FBI receives every payment card swipe in the United States, in real-time, with no warrant. This has been going on for at least a decade. There is approximately zero financial privacy in the US.

Do you have a source for this?

Re: Fed announces details of new interbank service to support instant payments

#189

Post by rorykoehler »

pfundstein wrote: post #24

Nearly all first world countries enjoy instant payments at the point of sale and person to person. It boggles my mind that it has taken this long and a pandemic to even set the gears in motion, all while battling ridiculous levels of cheque and credit card fraud.

It always feels like going back in time whenever an American requests a cheque. I haven't filled one in for over 15 years at this stage.
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