India is having similar concept (UPI) in place from 3 years. About 40% transactions have moved to this new payment processing.
Fed announces details of new interbank service to support instant payments
271–280 of 431 posts
Re: Fed announces details of new interbank service to support instant payments
#272Earlier 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...
A whole day? That's absolute madness. Why does it take a day when money is electronic and nothing has to physically move?
Re: Fed announces details of new interbank service to support instant payments
#273This has little to no chance of coming into service. It's absolutely a direct threat to Visa & 100+ others. They will make sure that this is killed in Congress + legislation will likely be written prohibiting the Fed from creating something like this ever again. [1] https://www.propublica.org/article/congress-is-about-to-ban-... PS I knew I'd get these downvotes. The comment stands. Uncomfortable things should be sai…
Visa and Mastercard are doing just fine in the UK, it would be highly inconvenient to have to bank transfer to every merchant you interact with.
Re: Fed announces details of new interbank service to support instant payments
#274Earlier quoted context omitted.
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...
A whole day? That's absolute madness. Why does it take a day when money is electronic and nothing has to physically move?
The basic working is this,
you give a SEPA transfer order to your bank in the afternoon.
Your bank consolidates all the transfers for the day in a big XML file and puts it in an ftp server in the evening.
Bundesbank pull it from there and puts the XML file in other banks ftp server.
Other bank pull it from there and completes the transaction.
In case the account does not exist or something happens the whole thing has to happen again to get your money back.
This is similar to BACS in UK.
Re: Fed announces details of new interbank service to support instant payments
#275What year is this??
Re: Fed announces details of new interbank service to support instant payments
#276Earlier 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…
>There are multiple bridges that are still in use that predate European colonization of North America
There are bridges in use that predate Christianity.
Re: Fed announces details of new interbank service to support instant payments
#277One 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.
> For credit cards, agents can get real-time information on a person’s purchases by writing their own subpoena, followed up by a order from a judge that the surveillance not be disclosed.
You implied both that there is no oversight and that it is bulk collection. Both are not supported by your source, which says there is some oversight by a judge and that the FBI manually requests data on specific individuals. It may be a violation of civil liberties, but it doesn't support your claim.
Re: Fed announces details of new interbank service to support instant payments
#278Earlier quoted context omitted.
https://xkcd.com/927/
A standard backed by the US government isn't going to be just another standard.
Why don't just copy what's in use in other countries? For example, sending and receiving money in the EU is pretty simple, you only need their IBAN, and maybe their name (AFAIK some countries require it). I'm not even aware of what's going on in the background, but from the user perspective its easy and free.
Re: Fed announces details of new interbank service to support instant payments
#279Earlier 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.
Numbers in JSON are stored as strings. So as long as encoder/decoder is storing them in suitable format e.g BigDecimal no precision need be lost.
Re: Fed announces details of new interbank service to support instant payments
#280I 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…
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