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Commission proposes to accelerate the rollout of instant payments in euro

ec.europa.eu

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Re: Commission proposes to accelerate the rollout of instant payments in euro

#51

Post by ajsnigrutin »

f6v wrote: post #50
ajsnigrutin wrote: post #17

Earlier quoted context omitted.

On the other hand, this is another step towards cashless society, where every transaction is tracked by the government.

I don’t see an issue. The government already knows how much I earn, where I live, etc.

Oh, you bought booze and chocolates yesterday? You're getting fat and drunk, your health insurance just went up.

Oh, you made an inapropriate comment on twitter... no more concerts and movie tickets for you.

As said by someone else below, china has a similar system in place, where chinese people with low social scores cannot buy public transportation tickets.

And I also don't think the government needs to know you went to a buttplug store and bought an XXXL buttplug there. (especially if you're a guy, unmarried, and the government is anti lgbt oriented).

Re: Commission proposes to accelerate the rollout of instant payments in euro

#53

Post by JohnJamesRambo »

prvit wrote: post #33
hocuspocus wrote: post #26

Earlier quoted context omitted.

If I wire 200k I honestly don't care if it takes a few hours (nowadays, old-school SEPA transfers don't necessarily take more) and happens only during business days/hours. It gives everyone more room to cancel if you fucked up.

If I wire 200k to buy a car, I want that money to arrive instantly. I certainly do not want to spend hours at some parking lot waiting for the money to arrive, I want to sign the papers right there and then and take the car with me. No fucking way I’m gonna leave some random with both the car and my 200k. So instead of sending a bank transfer, I still have to show up with a big bag of cash in 2022 . The amounts where…

I’m curious, what cars are you buying for $200k? Do you mean USD?

Re: Commission proposes to accelerate the rollout of instant payments in euro

#54

Post by yrgulation »

neel8986 wrote: post #15

Instant payment in India (UPI) has been revolutionary. Last month 6.7 billion transaction took place amounting to $138B!! https://www.npci.org.in/what-we-do/upi/product-statistics Every major company tech company ( Google, meta, amazon, flipkart ) wants to be a part of it. This can be a huge opportunity for European startups

Depending on banks and countries instant payments have been a thing for a long time in “Europe” (assumed to mean EU and satellites). The question here is about taking things to the next level for international payments (these countries are sovereign and have their own policies, the eu wants to ensure uniformity). So this is not comparable to what india does within its own borders.

Re: Commission proposes to accelerate the rollout of instant payments in euro

#55

Post by lottin »

qngcdvy wrote: post #31
ajsnigrutin wrote: post #17

Earlier quoted context omitted.

On the other hand, this is another step towards cashless society, where every transaction is tracked by the government.

As much as the tracking I fear the access control. Made some stupid comment online while being drunk? We take your ability to by transportation passes/plane tickets... IIRC this is already happening in China.

No-fly lists don't require instant payments, so I don't know what point it is you're trying to make.

Re: Commission proposes to accelerate the rollout of instant payments in euro

#56

Post by tremon »

petesergeant wrote: post #23
MichaelZuo wrote: post #3

Interestingly, the claim that: "there is no reason why many citizens and businesses in the EU are not able to send and receive money immediately" is made on the record by the responsible official, Mairead McGuinness, Commissioner for financial services, financial stability and Capital Markets Union. Which seems incorrect as 10 second payments EU-wide obviously require universal adoption of updated IT systems and more…

> Which seems incorrect as 10 second payments EU-wide obviously require universal adoption of updated IT systems and more stringent control to guarantee that 10 second deadline. Plenty of other governments have done that essentially by threat or mandate though? UK has https://en.wikipedia.org/wiki/Faster_Payments and Thailand has https://www.bangkokbank.com/en/Personal/Digital-Banking/Prom... -- I don't remember my f…

I think the parent's point is that it may be relatively simple to implement for national transfers, but it seems the EU is mandating it for international transfers too (namely, within the entire Euro-zone).

Re: Commission proposes to accelerate the rollout of instant payments in euro

#57

Post by hocuspocus »

DocTomoe wrote: post #45
rieTohgh6 wrote: post #18

Earlier quoted context omitted.

Are you sure it should implemented immediately? > with an obligation on providers to verify the match between the bank account number (IBAN) and the name of the beneficiary provided by the payer This will break a lot of payment flows, currently that verification is rarely enforced. For example I have saved "power company" as receiver's name, the transfers still work since everything besides IBAN is ignored.

Yours may be an extreme example, but verification may be a hard to solve problem once account holder names become too long or have funky characters in it (as is often the case in the EU). For instance, my electricity provider is the EnBW Energie Baden-Württemberg AG Yes, EnBW, the shorthand for the name, is PART of the official name, yes, that is an Umlaut, and yes, the name is too long to fit into the standard accou…

The UK came up with a practical solution to implement confirmation of payee.

You need to enter the account holder name and select personal or business (with laxer rules for the latter, I assume). The API returns perfect match or partial match (actual holder name) and allows you to proceed, or no match.

A paper form means there's a human who enters the data at some point, no?

Re: Commission proposes to accelerate the rollout of instant payments in euro

#58

Post by nraynaud »

hocuspocus wrote: post #26
thefounder wrote: post #5

I wonder why are not the "slow" methods banned.

If I wire 200k I honestly don't care if it takes a few hours (nowadays, old-school SEPA transfers don't necessarily take more) and happens only during business days/hours. It gives everyone more room to cancel if you fucked up.

In France we have a different tool called "bank check" which is basically a non-bounceable check coming from the bank's books (and the bank blocks the money on your account of course).

It's mostly useless I think because when you close on a house your notary is doing an escrow service, and I paid my house by bank transfert to my own notary (couldn't do it online, and their weird bank doesn't support receiving instant transferts).

Re: Commission proposes to accelerate the rollout of instant payments in euro

#59

Post by matthewdgreen »

em500 wrote: post #47
CoUHKT57BSe wrote: post #24

Earlier quoted context omitted.

Doubt it will be huge, we are constantly being told not to give out our bank details as scammers want them, now you think it'll be great if we just give out our bank details to every stranger we meet at the market. This will be great, for sending/receiving money but is hardly a replacement for card payments.

1. Europeans are not "constantly being told not to give out our bank details". That's an American thing, apparently due to a quirk that allows anyone with a US bank account number to draw money from that account. Euro banks certainly don't work that way. Having a Euro bank account number only allows people to transfer to, not from that account. 2. Why do you believe that an instant payment system requires us to "give…

It is remarkable the extent to which the US system is a disaster and has poisoned our view of what financial services can/should do.

Re: Commission proposes to accelerate the rollout of instant payments in euro

#60

Post by ajsnigrutin »

lottin wrote: post #55
qngcdvy wrote: post #31

Earlier quoted context omitted.

As much as the tracking I fear the access control. Made some stupid comment online while being drunk? We take your ability to by transportation passes/plane tickets... IIRC this is already happening in China.

No-fly lists don't require instant payments, so I don't know what point it is you're trying to make.

You can still use a train.

Not in china though:

https://www.theverge.com/2019/3/1/18246297/china-transportat...

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