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Bank transfers as a payment method

bam.kalzumeus.com

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Re: Bank transfers as a payment method

#141

Post by manmal »

ThrowAwayIRUK wrote: post #71
manmal wrote: post #29

Just yesterday, I deposited money from my bank account to Coinbase via SEPA. Refreshed the Coinbase page, and it was there, ready to buy digital currency with - so, the transaction was instant, or almost so. The transfer didn’t cost me anything, and neither did it Coinbase (it seems). Coinbase seems to be positive the transaction will settle, or else it wouldn’t let me use the money immediately, right? Reversibility…

Leading Payment Engineer of one the most aggressive challenger banks in EU here: - first, SEPA has several message types - SEPA SCT: A standard transfer, usually settled the next day - SEPA SCT Inst: a realtime transfer, to be settled within 10 seconds max (check rulebook on ECB website) - SEPA SDD Core: Direct debit, this can be used to pay your utility bills e.g.; though you can revert this one up to a couple of mo…

Thanks for this comprehensive answer!

Re: Bank transfers as a payment method

#142

Post by noisy_boy »

kalleboo wrote: post #28

When discussing Europe, you can't leave out the rise of mobile payments that work similar to India's UPI. For instance, in Sweden, "Swish"[0] has quickly taken over the market for casual payments, with free, instant, irreversible bank transfers between individuals using only the recipients phone number (or a QR code). They are a bunch of these systems, but currently they are all fractured into national systems, altho…

PayNow in Singapore: https://www.abs.org.sg/consumer-banking/pay-now

Re: Bank transfers as a payment method

#143

Post by l33tman »

hyperman1 wrote: post #96
elric wrote: post #75

The article is factually incorrect when it talks about "SEPA payments", claiming they are a "pull" mechanism. What it probably meant to talk about, is SEPA Direct Debits -- where the counterpart charges your account, as opposed to you paying the counterpart. Given that these direct debit agreements are revokable at any point in time, I doubt the claims of very high fraud rate. A normal SEPA payment, is a "push" affai…

I'd have to agree. Everything in the article about Europe is technically correct, but it is such a small slice of the SEPA payments. The article is so misleading it might as well be wrong. I make payments to the benelux, france, germany, spain and poland, and they go all over the push mechanism. Direct debit is for utilities, and that's about it. For fraud, my bank provides a gui with active agreements. While I can't…

Klarna has been aggressive in trying to push consumers into acknowledging Klarna to pull from their accounts lately. People are used to Klarna here (Sweden), with their "pay on invoice in 14 days for no additional fee" since long, but now they're trying to leverage that into getting customers setup with their bank accounts. Of course they are not going to use this to explicitly steal from customers but still you wonder what can go wrong giving other entities this access..

Re: Bank transfers as a payment method

#144

Post by purple_turtle »

captn3m0 wrote: post #51
yashg wrote: post #43

Earlier quoted context omitted.

Why this obsession with doing away with a central authority? What is so evil about a central bank? Decentralization is not cheap. I buy a pack of bread from a door-to-door bread and eggs salesman (Yes that's a thing in India). It costs INR 40 ($0.53). I pay him via UPI, he gets money instantly in his bank account with zero fees. He gets full INR 40 like I had paid him in cash. I don't think any decentralized system w…

The GP's point isn't about RBI being a central authority, but about NPCI being granted a quasi-monopoly on retail payments despite being a non-government body. One of the important recommendations from the Watal Committee report[x] was to restructure the NPCI-relationship: 1. Change ownership structure. It was 75% owned by 10 banks in India, with no seats for other players in the industry. 2. Allow competition to NPC…

> NPCI also is pushing heavily to move from a non-profit to a for-profit model

This is unlikely to end well.

Re: Bank transfers as a payment method

#145

Post by tibbydudeza »

We have such a platform but they screen scrape your bank website in order to do direct payments to a merchant - it is a pain to do this yourself because you need to fill in so much detail i.r.o account nr and reference id.

I have 2FA enabled so I still need to authorize the payment via my cell.

Wish our banks would expose functionality securely without me giving them my bank web login details.

Re: Bank transfers as a payment method

#146

Post by Bombthecat »

elric wrote: post #75

The article is factually incorrect when it talks about "SEPA payments", claiming they are a "pull" mechanism. What it probably meant to talk about, is SEPA Direct Debits -- where the counterpart charges your account, as opposed to you paying the counterpart. Given that these direct debit agreements are revokable at any point in time, I doubt the claims of very high fraud rate. A normal SEPA payment, is a "push" affai…

And here is a life pro tip: if you struggle to get end a contract, even though you are right. Just tell them you will talk to the bank and remove the mandate for sepa from your account. Doing this isn't an issue. But, if it happens to often, it will rise a fraud flag at the bank, firms usually try to avoid that :)

Did that two times already. They act real quick, out of a sudden :)

Re: Bank transfers as a payment method

#147

Post by purple_turtle »

baby wrote: post #58
yashg wrote: post #47

Earlier quoted context omitted.

India, a third world country has worked it out. Apart from UPI, we have other bank transfer mechanism that doesn't involve writing a check. There's RTGS (Real Time Gross Settlement) for large payments. It's what we use when we buy property or do large business transactions. There's NEFT (National Electronic Fund Transfer) for instant transfers upto INR 500K. There's IMPS (The underlying mechanism of UPI) for instant…

1. India is a single country, cryptocurrencies are global 2. Nobody uses proof of work anymore (besides bitcoin)

> 2. Nobody uses proof of work anymore (besides bitcoin)

And Ethereum and...

Re: Bank transfers as a payment method

#148

Post by purple_turtle »

spir wrote: post #26

Let's adopt patio11's criteria to a programmable public blockchain, like ethereum - Customer UX: crypto wallets built into browsers and phones. Connect your wallet to any webpage to pay. Or, tap your phone to pay via a crypto payment - Certainty: crypto transactions are, by default, instant and irreversible. Any kind of chargeback scheme, refund policy, or time-delay may be built into the crypto app layer - Settlemen…

> - Environmental impact: ethereum is five and a half years into a six-year upgrade to completely eliminate any negative environmental impact. Ie. Ethereum will stop using proof of work mining

Reduce, not eliminate. Maybe, maybe it would stop having additional negative over regular money transfers but "completely eliminate" requires magic (negating effects with credible offsets is viable).

Re: Bank transfers as a payment method

#149

Post by eisbaw »

Does anybody know of a way to make recurring SEPA (push) payments?

My bank requires manual interaction, so I have been looking for a card-to-SEPA gateway - without succes.

Reason: Binance offers recurring DCA but with hefty fee for Visa/Mastercard. Binance partnership with AdvCash makes SEPA "zero"-fee possible. AdvCash accepts SEPA, but my bank cannot make recurring SEPA payments.

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