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Faster Transfers Beta (US only)

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Re: Faster Transfers Beta (US only)

#3

Post by tibbon »

This is awesome, and I'm glad to see them innovating around it. I've scratched my head for years now around clearing time of payments and digital payment systems. It isn't like you have to load gold coins on a ship, or manually have people verifying checks these days. There's realistically little reason for the entire system to be so slow- except for the fact that it is.

For years payment processors have been more than happy to just be fine with things being slow. Paypal has been around how long, and they don't seem to be pushing for it to go faster. This doesn't seem to be a problem bound to Moore's Law or the speed of the internet, just something that needs to be taken care of.

Re: Faster Transfers Beta (US only)

#6

Post by smackfu »

tibbon wrote: post #3

This is awesome, and I'm glad to see them innovating around it. I've scratched my head for years now around clearing time of payments and digital payment systems. It isn't like you have to load gold coins on a ship, or manually have people verifying checks these days. There's realistically little reason for the entire system to be so slow- except for the fact that it is. For years payment processors have been more th…

Isn't this 7-day hold just an internal Stripe policy though? The new faster transfers are just the normal ACH speed.

Re: Faster Transfers Beta (US only)

#7

Post by zabaki »

Actually just read a few talks by danes in the financial council in Denmark. They are currently reconstructing the entire payment infrastructure to allows realtime transfers of payments. For payments under $100.000, transfers are done three times a day, as is seen with services such as MobilePay (Venmo wannabe) that i believe are considered a e-money institution. If anyone is interested then i can provide the links to the slides. They are, however, in danish.

Re: Faster Transfers Beta (US only)

#8

Post by unfunco »

zabaki wrote: post #7

Actually just read a few talks by danes in the financial council in Denmark. They are currently reconstructing the entire payment infrastructure to allows realtime transfers of payments. For payments under $100.000, transfers are done three times a day, as is seen with services such as MobilePay (Venmo wannabe) that i believe are considered a e-money institution. If anyone is interested then i can provide the links t…

Not to sound pedantic, but three times a day is not realtime. In the United Kingdom at least, transferring money from one bank account to another at the same bank is instant (pretty much sub-second) transaction and from one bank account to another at a different bank is generally processed within fifteen minutes, nearly all UK banks support Faster Payments[0].

[0] http://en.wikipedia.org/wiki/Faster_Payments_Service

Re: Faster Transfers Beta (US only)

#9

Post by jhoon »

zx2c4 wrote: post #2

How does this work?

Stripe is trialling faster transfer schedules for US-based users, meaning you'll get your money in two business days instead of waiting one week.

If you'd like to be part of the beta, you can visit https://manage.stripe.com/faster-us-transfers and if you're US-based, you'll automatically be registered to participate in the beta. We're incrementally adding users to the beta, so we'll let you know as soon as you've been added.

(I work at Stripe.)

Re: Faster Transfers Beta (US only)

#10

Post by spellboots »

tibbon wrote: post #3

This is awesome, and I'm glad to see them innovating around it. I've scratched my head for years now around clearing time of payments and digital payment systems. It isn't like you have to load gold coins on a ship, or manually have people verifying checks these days. There's realistically little reason for the entire system to be so slow- except for the fact that it is. For years payment processors have been more th…

Not sure how PayPal could be faster - money is transferred instantly to my bank account after receiving it through PayPal. Is that a UK only thing?
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