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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

#251

Post by felixfbecker »

MrRadar wrote: post #104
zymhan wrote: post #54

Earlier quoted context omitted.

Passports are not required to access (pretty much) any Public Service in the US. Passports, Drivers Licenses are optional, as are State IDs. If you _want_ a Federal ID that is accepted by all states, you can certainly get a passport. It's what I often use for ID.

This. Passports are available in card form as well as book form too so you can carry a passport card in your wallet with your state ID. I have no plans to get a "Real ID" driver's license since I already have a passport card.

Not every American resident is an American citizen. If you’re not an American citizen, you certainly cannot get an American passport in a fancy card format

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

#252

Post by boruto »

usr1106 wrote: post #248
boruto wrote: post #238

Earlier quoted context omitted.

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.

SEPA instant started November 2017. I have 3 banks in 2 SEPA countries, none of them is participating. Not that I would need it, because SEPA transfers which are "free", mandatorily offered by every bank and take only 1 banking day. But there could be use cases for instantaneously. https://www.europeanpaymentscouncil.eu/what-we-do/sepa-insta...

Not until 2019 did central banks started to ask banks to implement SEPA instant.

Normal SEPA does not work in weekends just like ACH even though the core process is moving XML files to an shared FTP server.

SEPA instant could be starting point for mobile based payments in Eurozone which is currently not present in anyway.

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

#253

Post by oblio »

pjg wrote: post #176
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…

There is another reason. This is very specific to the way USA does things. It has to do with the role of the government vs. market. Other countries also had an antiquated payments infrastructure e.g. Cheques in Britian, Scandinavian countries etc. The government there simply mandated the dozen or so banks to come up with an instant/real-time payment system and it was rolled out in a few years US has more than 10,000…

I wonder if there are a lot of studies of the market "fighting back" progress. Everything about the free market is predicated on informed customer decisions, and if you, as a company, can gaslight consumers effectively through propaganda (let alone lobbying...), then you've basically broken the invisible hand.

Have there been studies about this? I'm pretty sure Adam Smith predates mass advertising, branding, modern marketing.

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

#254

Post by e2e8 »

alasdair_ wrote: post #168
pacaro wrote: post #114

Earlier 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.

Based on a quick search, that does not seem to be true. The title of the movie comes from the title of the book it is based on. The book's author has given some explanations for the origin of the title that do not involve Glasgow trains. [0] It seems the name for the subway comes from the movie. There also seems to be some dispute about the usage of that name for the Glasgow subway. [1]

[0] https://en.wikipedia.org/wiki/A_Clockwork_Orange_(novel)#Tit...

[1] https://en.wikipedia.org/wiki/Glasgow_Subway#Nicknames

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

#255

Post by MandieD »

riffraff wrote: post #209
rorykoehler wrote: post #189

Earlier quoted context omitted.

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.

I am curious, what did you use to make significant one-time payments? E.g. house, or car. Where I'm from (Italy) we still use cheques, and where I live (Hungary) they never used them. This was odd for me. This resulted in people here buying expensive items by going around with a literal bag of money, or people having to walk into a bank together. Possibly now it's solved with instant payments and everyone having a mo…

In Germany, we use the same transfer orders (“Überweisung”) that we use for smaller payments for things up to about 50k EUR. These used to be paper forms printed by your bank, but I’ve been exclusively used them online the 15 years I’ve had a German bank account.

When we bought our cars, we just upped the daily transfer limit. I’m not sure how my husband transferred the down payment for our house, though — it was all in his savings account, and was above that 50k EUR maximum daily transfer limit. The proceeds of the mortgage we took for the rest was transferred by the bank to the seller once the bank was satisfied with the purchase contract and that the Grundbuch (city property registry) was clear.

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

#256

Post by throwaway9d0291 »

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 felt like I stepped into the future.

It's more like stepping out of the past. It's not that India is particularly ahead, it's that the US is particularly behind.

The EU for example has essentially instant SEPA transfers now and has done for a while.

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

#257

Post by treve »

bedatadriven wrote: post #239
vincnetas wrote: post #218

Earlier quoted context omitted.

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.

Yes, but almost any standard JSON package will map a number with decimals to their internal float.

While alternative parsers exists (javascript has LosslessJSON for example), they're a pain to use.

Using strings for floats only has a tiny overhead, but it allows users to use standard JSON parsers and it signals a good practice.

If you use JSON numbers to serialize money, you create a situation where the path with the least friction is the incorrect one.

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

#258

Post by mardifoufs »

hndamien wrote: post #162
supernova87a wrote: post #106

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…

This sounds like Bitcoin.

What? How?

>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

Sure, with bitcoin you can't get charged maliciously (if you don't get your keys stolen) or get hit by a chargeback but... i can't think of any financial system that's less error tolerant and that requires more attention to errors. What he describes has nothing to do with bitcoin, at all.

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

#259

Post by rootkea »

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…

Best feature of UPI for me is you can interact with UPI via USSD code (*99#) which is terrific for someone like me who don't use any proprietary apps on his Lineageos.

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

#260

Post by leokennis »

Sander_Marechal wrote: post #249
riffraff wrote: post #209

Earlier quoted context omitted.

I am curious, what did you use to make significant one-time payments? E.g. house, or car. Where I'm from (Italy) we still use cheques, and where I live (Hungary) they never used them. This was odd for me. This resulted in people here buying expensive items by going around with a literal bag of money, or people having to walk into a bank together. Possibly now it's solved with instant payments and everyone having a mo…

Here in The Netherlands, instant electronic payments with your debit card (pinnen) has been widely available since 1990. People sometimes used cheques before that, but even then it was rare. Most large payments happened by "Acceptgiro". It's a form that the sender would mail to the bank to authorize a payment to another bank account. Not sure if there's a proper English name for it.

Please note that "pin" transactions are not settled instantly. It's just that when you pay via pin, the vendor of the machine (most likely CCV or similar) guarantees the shop they get the money.

The actual money transfers (the €5 you paid at some shop from your account to the pin terminal vendor, and the hourly or daily total for that shop from the vendor to the shop's internal account) take place hours after the fact.

So for all parties involved it seems instant, but technology wise it's still more or less batched, but seems instant based on trust.

Of course in The Netherlands, we have SEPA Instant Payments now (based on but not entirely the same as the European IP scheme). These are actually instant; when you pay, account balances of you and the creditor (at the other bank) are updated within 5 seconds.

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