instant payments were just introduced in Germany, it is weird if you get the money the same day someone wire transfered it to your account. Wire transfers are very common in Germany, checks are almost gone. But these instant transfers are really new. Before those transfers were cleared once a day, I think.
Fed announces details of new interbank service to support instant payments
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Re: Fed announces details of new interbank service to support instant payments
#222One 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…
> just say I am her (clearly feminine name) and the conversation carries on as if nothing is surprising/suspicious.
A friend that works on a call center for a US bank told me they are not able to ask about the caller's gender, like when the perceived voice/gender and name don't match. They may report the call to the fraud department if the conversation is suspicious though.
Re: Fed announces details of new interbank service to support instant payments
#223Settlement 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…
"Astoundingly" complicated???? ACH/NACHA isn't any more complicated than any other API. If anything it's easier than most if you're used to string processing, because the file format is just 80 character rows with 9 different types of rows starting with that numerical digit. The schema is well defined. In many cases a "transaction" is executed by simply FTPing an .ach file. What did you find so complicated?
In addition to the sibling comment: as already mentioned, the machinery to handle ACH (or any bank transactions, really) is very complex:
- the formats (there are more than one for interbank communications) are never properly followed by any bank, and many add their own undocumented proprietary extensions to them
- they are usually processed in batches, and the entirety of bank systems are built assuming that everything is processed in batches at specific times of day
- entries in batches may and will arrive out-of-order. For example, a request to cancel a transaction may and at one point will arrive before the request to authorize a transaction.
- a lot of other systems are built into the entire transaction process and assuming everything is processed in batches: fraud detection, dunning chains [1], account cancellations, reminders, fees etc. etc.
- There are systems where bank holidays are built into the system. If bank holiday is on a Friday, and you request/send payment, it will not be processed by the bank on the other side until Monday evening and the transaction will not be completed until Tuesday morning.
And that's just scraping the top of the iceberg. You can't just magically replace this. But you can try to build on top/work around that.
Source: worked at Klarna [2]
Re: Fed announces details of new interbank service to support instant payments
#224Earlier quoted context omitted.
>json I hope you aren't using floats for cents!
Honest question. Would it differ if one used floats in json rather than floats in XML?
I wouldn't think so, the issue is not so much float in the storage layer (although precision in converting to and from the storage layer can make for interesting complications) it's floats in the applications layer.
Re: Fed announces details of new interbank service to support instant payments
#225ctrl-f
"blockchain"
0 results, here or on the actual website
you disappoint me, HN
Re: Fed announces details of new interbank service to support instant payments
#226I moved to India at the start of the year and there's the Universal Payment Interface (UPI) here that essentially allows a Venmo like interface to transfer $ instantaneously from any bank account to another - by simply using the recipient's phone number or a QR code. There are multiple apps that interface with UPI, and the barrier to entry isn't high - allowing for good competition on the UX. Literally every person I…
I agree wholeheartedly. In my opinion, UPI has been an unmitigated success. Nearly everyone from a roadside street-food vendor to a 5 star hotel accepts UPI and it makes the whole flow of day-to-day payments entirely contactless which is especially useful with the COVID-19 situation.
Now if only they could introduce some way to enable subscription payments, it'd be the cherry on top.
Re: Fed announces details of new interbank service to support instant payments
#227instant payments were just introduced in Germany, it is weird if you get the money the same day someone wire transfered it to your account. Wire transfers are very common in Germany, checks are almost gone. But these instant transfers are really new. Before those transfers were cleared once a day, I think.
Same-day wire transwers were already common in Germany in the last few years with the old system (the settlement is done every few hours), except for a few slow banks.
SEPA Instant is literally settled in a few seconds. I tried this out a while ago: Started the money transfer from one bank account to another, logged in into my second bank account immediately after and the money was already there.
Re: Fed announces details of new interbank service to support instant payments
#228Earlier quoted context omitted.
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’m from Glasgow. Completely random fact ahead: The underground in Glasgow was comprised of orange trains. They “ran like clockwork” and had the nickname “the clockwork orange”, which is where the Stanley Kubrick movie title came from. Allegedly.
Holy shit!
Never thought I'd get to know what Clockwork Orange actually means through a random comment on HN.
Re: Fed announces details of new interbank service to support instant payments
#229I moved to India at the start of the year and there's the Universal Payment Interface (UPI) here that essentially allows a Venmo like interface to transfer $ instantaneously from any bank account to another - by simply using the recipient's phone number or a QR code. There are multiple apps that interface with UPI, and the barrier to entry isn't high - allowing for good competition on the UX. Literally every person I…
I agree wholeheartedly. In my opinion, UPI has been an unmitigated success. Nearly everyone from a roadside street-food vendor to a 5 star hotel accepts UPI and it makes the whole flow of day-to-day payments entirely contactless which is especially useful with the COVID-19 situation. Now if only they could introduce some way to enable subscription payments, it'd be the cherry on top.
already live. its called UPI Autopay
https://www.moneycontrol.com/news/business/startup/exclusive...