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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

#421

Post by djbebs »

apta wrote: post #204
rafaelturk wrote: post #126

Earlier quoted context omitted.

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.

Quite scary to run financial transactions using an untyped format.

You'd be surprised just what kind of stuff goes through JSON to be parsed by unreliable Javascript engines 9ver software that doesn't correctly implement the JSON standard

>.<

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

#422

Post by megiddo »

jandrese wrote: post #380
megiddo wrote: post #365

Earlier quoted context omitted.

The $10K limit is a federal regulatory requirement. You have to fill out paperwork and provide identification that is turned over to law enforcement for review.

As an added note: Don't try to get around this by breaking the transaction up into two $5k payments. That's also against the law.

It's called structuring!

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

#423

Post by rad_gruchalski »

blocked_again wrote: post #363
rad_gruchalski wrote: post #341

Earlier quoted context omitted.

Girocard.

Is Girocard debit/credit card? If yes I don't see how that is any better compared to USA.

> Good luck convincing the shop owner to accept payment in SEPA instead of cash the next time you get a beer.

Girocard is a debit card. But it operates over SEPA. So „ Good luck convincing the shop owner to accept payment in SEPA instead of cash the next time you get a beer.”, no problem, just pay with a Girocard :)

In some countries in the EU there is a minimum amount required to pay with Giro but generally it’s not a problem.

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

#424

Post by joespanda11 »

selykg wrote: post #329
dboreham wrote: post #317

Earlier quoted context omitted.

It's worse than that if the amount is non-trivial. Wells Fargo won't allow you to send an amount over $10k instantly without physically entering a branch.

I think the first problem is you are talking about Wells Fargo. One of the worst banking options imaginable in the US. While limits might not be much different from other banks, at the very least it's not Wells Fucking Fargo.

ive banked with wells forever and never had a problem. Practices like this are mostly designed for security reasons and will be similar across the big banks

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

#425

Post by hashtagmarkup »

woodruffw wrote: post #199
hashtagmarkup wrote: post #112

Earlier quoted context omitted.

"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?

As I mentioned in the blog post: * ACH-formatted transactions are supposed to be 80 character rows, but ACH emitters play loose and fast with that. 81 (CR/LF) and 82 (CR+LF) character entries are common enough in the wild that financial communities regularly complain about them. ACH transactions are supposed to be concatenative, so it wouldn't surprise me to learn that most real-world ACH handling code needs to handl…

If you work for big enough receivers, you can tell them to do it right or you won't do business with them. I guess I was spoiled.

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

#426

Post by hashtagmarkup »

dmitriid wrote: post #223
hashtagmarkup wrote: post #112

Earlier quoted context omitted.

"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 everyth…

I've handled all these cases and still kept the entire code at less than a couple hundred lines. I suppose some people would consider adding margins to an HTML form element to be "astoundingly" complicated if you consider legacy browser support, but in reality it's astoundingly simple.

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

#427

Post by hndamien »

mardifoufs wrote: post #258
hndamien wrote: post #162

Earlier quoted context omitted.

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 ha…

The difference is that you have to watch that you don't make the errors, not other people.

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

#428

Post by selykg »

joespanda11 wrote: post #424
selykg wrote: post #329

Earlier quoted context omitted.

I think the first problem is you are talking about Wells Fargo. One of the worst banking options imaginable in the US. While limits might not be much different from other banks, at the very least it's not Wells Fucking Fargo.

ive banked with wells forever and never had a problem. Practices like this are mostly designed for security reasons and will be similar across the big banks

Lucky you. Wells Fargo are terrible.

Seriously, do some research. I'd never use those fools.

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

#429

Post by blocked_again »

rad_gruchalski wrote: post #423
blocked_again wrote: post #363

Earlier quoted context omitted.

Is Girocard debit/credit card? If yes I don't see how that is any better compared to USA.

> Good luck convincing the shop owner to accept payment in SEPA instead of cash the next time you get a beer. Girocard is a debit card. But it operates over SEPA. So „ Good luck convincing the shop owner to accept payment in SEPA instead of cash the next time you get a beer.”, no problem, just pay with a Girocard :) In some countries in the EU there is a minimum amount required to pay with Giro but generally it’s not…

There is no minimum amount for UPI. And you don't need a card to use UPI. You just scan the QR code and send the money from your phone. And UPI is accepted almost all the shops.

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

#430

Post by jonathanliu »

woodruffw wrote: post #39

Settlement 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…

Blatant self promotion: I referenced your blog post in my weekly newsletter.

https://mailchi.mp/12e86aca340f/synthesis-emergence-15

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