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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

#231

Post by sandGorgon »

rafaelturk wrote: post #126
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…

I'm also working with Brazilian instant payments schema, aka PIX. We've simply created a mapping layer to convert all ISO messaging to json. Internally all our logic runs on json. It works because at the end of the day, payments only need a few fields to work: Source, Destination, Amount.

what do you guys think of https://mojaloop.io/ vs ISO?

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

#232

Post by koopuluri »

arrayjumper wrote: post #226
koopuluri wrote: post #216

I 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.

So, subscriptions are possible - just programmatically request a payment on a recurring basis.

As a consumer I actually prefer this approach because I get a payment request that I must explicitly accept for my subscription to be renewed, as opposed to forgetting about a subscription and have it show up on my bank statement.

For example: Every month Netflix sends me a payment request asking me to pay for another month's service.

Perhaps they could allow for auto-withdrawing to reduce friction for subscriptions you definitely know you want, but I strongly feel this request-before-withdrawing model should be the default for any subscription service and anything else should be explicit opt-in.

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

#233

Post by ms4720 »

arrayjumper wrote: post #226
koopuluri wrote: post #216

I 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.

And completely trackable

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

#234

Post by vinay427 »

jdub wrote: post #197
xeromal wrote: post #171

Earlier quoted context omitted.

The fact that it has federal and state systems probably bears a portion of the responsibility.

Spain has states with relatively similar state/federal power to the USA. The EU has nation states with more or less power depending where you look. Australia has states, Canada has provinces... One aspect of US taxation and funding that seems wildly out of step: Primarily local funding of schools. Way to build inequality into the system!

> Spain has states with relatively similar state/federal power to the USA. The EU has nation states with more or less power depending where you look. Australia has states, Canada has provinces...

None of these seem like very close comparisons to the US model. There isn't the same legal independence in Spain on a number of matters, from what I recall, but I'll see if I can find a source that provides a direct comparison. For starters, Spain could actually issue centralized coronavirus restrictions and has only recently devolved this to a limited degree to the autonomous communities.

A few EU countries may be more relevant, but I think the closest comparison I've found so far is with Switzerland where I currently live. However, the federalism in the US seems to involve a lot more infighting with frequent lawsuits between state and federal agencies.

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

#236

Post by orthecreedence »

mixmastamyk wrote: post #27
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.

Not to mention potentially malicious rent-seeking third parties inserted and selling financial info.

Why is this downvoted? We have three major credit bureaus, and only just recently one got hacked and leaked everyone's info. Finance in the US is full of third-party jackasses that make money by doing nothing other than acting as gatekeepers. It's the definition of rent-seeking.

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

#237

Post by bartvk »

Swizec wrote: post #77
kelnos wrote: post #67

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…

> On the flip side, when I'm in Europe, I definitely run into more places that only take cash, which I find annoying to no end. This is mostly for tax evasion reasons and sometimes for employees skimming off the top. The more “proper” a place, the less likely they are to encourage cash transactions. Happens in US too, of course. It’s always the shady places that are cash only and everyone else is digital.

> This is mostly for tax evasion reasons and sometimes for employees skimming off the top

What are your reasons to state that so strongly as if it's a fact?

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

#238

Post by boruto »

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.

There is SEPA instant in Europe which is quite recent. But most banks charge to send money through it or have not implemented the sending part yet.

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

#239

Post by bedatadriven »

vincnetas wrote: post #218
mimsee wrote: post #210

Earlier quoted context omitted.

Honest question. Would it differ if one used floats in json rather than floats in XML?

No it would not, but you could use decimals in xml. Edit: looks like there is no float in xml.

Nor are there floats in JSON! Json numbers are stored in decimal with varying lengths.
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