Fed announces details of new interbank service to support instant payments

Post by throwanem » Mon, Aug 10, 2020, 11:52 AM UTC

dataflow wrote: post #306

throwanem wrote: post #305

Earlier quoted context omitted.

As far as I know, yes, and UPI/"FedNow"/Cashapp-and-friends don't change that. That being so, if I'm honest I'm not really sure where the prior commenter's objection originates. Maybe they know about some directly accessible clearinghouse that I don't? I'd be surprised for several reasons to learn such a thing exists, but I've been surprised plenty of times before.

Unless this is actually possible in some country, I think they're both confused. But I'm guessing the objection was probably intended to convey "this is just as 'direct' in the US as it is in Australia", which would seem like a valid objection to the article.

Post by liuyong » Mon, Aug 10, 2020, 11:58 AM UTC

_-___________-_ wrote: post #268

haltingproblem wrote: post #155

Earlier quoted context omitted.

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?

Unless you only speak to younger people in tier-1 cities, China is enormously diverse linguistically.

Post by zaarn » Mon, Aug 10, 2020, 12:10 PM UTC

pmontra wrote: post #300

skrause wrote: post #289

Earlier quoted context omitted.

There are normal SEPA transfers (taking between a few hours and 1-2 days) and there is SEPA Instant which transfers the money within a few seconds. Those are two different systems and not all banks support SEPA Instant yet. I've done a few SEPA Instant transfers in Germany already and they really arrived within a few seconds to a few minutes.

The instant trasfer costs money in Italy. I saw fees from 5 to 50 Euros.

Post by dboreham » Mon, Aug 10, 2020, 12:13 PM UTC

withinboredom wrote: post #288

djsumdog wrote: post #214

Earlier quoted context omitted.

My first job out of university was working for a debt collection firm that made its own ACH engine in Perl. I remember all the 99999s and headers and stuff. I didn't work very much on the engine though (thankfully). I was pretty shocked at just how far behind the American banking system was when I lived overseas for a bit. I wrote about it here: https://battlepenguin.com/tech/the-american-banking-system-i...

It's even further behind. I still live overseas and use a US bank account for paying taxes, etc. I'm still shocked that it costs me, my family, or someone money to send money instantly. Here when we go out to dinner with friends, someone pays the bill and we settle it with bank transfers within moments.

Post by dboreham » Mon, Aug 10, 2020, 12:16 PM UTC

crazygringo wrote: post #101

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.

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…