101–110 of 149 posts
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In Europe people can send money from any bank to any bank through IBAN numbers (your bank account number) Not sure what's taking so long in the states
Sure, and that takes 24 hours to be processed (business days only). And IBANs are not very user friendly. In the US, this is solved by PayPal. Not sure what's taking so long for europe to launch a competitor.
Someone mentioned that in Europe you can send via IBAN to anyone. Well in Ukraine you can just use card number and send money to any bank. There is virtually no bank in Ukraine that doesn’t support this. Obviously IBAN also works for that, but nobody uses it for P2P, only to pay companies for provided services. It’s a big surprise for me that people actually need third party apps for P2P money transfers.
I'm always amazed to see how much some other banking systems are waaaay behind.
I am exhausted switching services. please can we pick one and be done with it? How about adversarial integration? Why can't I send money from cashapp to venmo? Is the technology not there yet? I wish the post office was a bank and they hosted their own pay apps.
FedNow is being implemented now across the industry. It is the "SEPA" for the USA. It will replace the 3rd party hacks (covering up the slow and tedious nature of ACH) that currently exist via Venmo, Cashapp, Zelle[0], etc [0]: Zelle is ran by a consortium of FIs. I don't know for certain what will happen to it, but I suspect if it stays around in name it would switch to the FedNow rail behind the scenes.
- From https://explore.fednow.org/resources?id=67#_Who_should_downl... :
> Who should download the FedNow ISO 20022 message specifications and how can I access them?
> The Federal Reserve is using the MyStandards® platform to provide access to the FedNow ISO 20022 message specifications and accompanying implementation guide. You can access these on the Federal Reserve Financial Services portal (Off-site) under the FedNow Service. Users need a MyStandards account, which you can create on the SWIFT website (Off-site). View our step-by-step guide (PDF, Off-site) for tips on accessing the specifications.
FedNow charges a $0.045/tx fee. (edit: And a waived $25/mo fee [...] https://explore.fednow.org/explore-the-city?id=3&building=&p... )
From "X starts experimenting with a $1 per year fee for new users" https://news.ycombinator.com/item?id=37933366 ... From "Anatomy of an ACH transaction" (2023) https://news.ycombinator.com/item?id=36503888 :
> The WebMonetization spec [4] and docs [5] specifies the `monetization` tag for indicating where supporting browsers can send payments and micropayments:
> W3C Web Monetization does micropayments with a
> [Web Monetization] is an open spec: https://webmonetization.org/specification/
Built on W3C Interledger: https://interledger.org/interledger :
> Built on modern technologies, Interledger can handle up to 1 million transactions per second per participant
> ILP is not tied to a single company, payment network, or currency.
Interledger > Peering, Clearing and Settling: https://interledger.org/developers/rfcs/peering-clearing-set...
Can FedNow handle micropayments volumes? > Micropayments: https://en.wikipedia.org/wiki/Micropayment
Does FedNow integrate with Interledger; i.e. is there support for "ILP Addresses"?
Due to a series of silly events, my balance is negative $900 for the last six years. I assume they'll just eat it. Thanks, Google!
Earlier quoted context omitted.
It’s brokered via NFC now. Tap to pay with no business account.
Yes and no. It's still a cash-equivalent transaction, requiring you to either have an Apple Cash balance and/or an attached checking account or debit card (in the USA at least).
I am exhausted switching services. please can we pick one and be done with it? How about adversarial integration? Why can't I send money from cashapp to venmo? Is the technology not there yet? I wish the post office was a bank and they hosted their own pay apps.
When I was in China, the government issued an edict that basically said "merchants of a certain size must accept AliPay/WeChat Pay/UnionPay CloudPay universally". All of the above are almost identical "Scan my QR code" to pay. It would be nice to have such an edict, forcing compatibility outside of the ACH system but it will never happen.
I am exhausted switching services. please can we pick one and be done with it? How about adversarial integration? Why can't I send money from cashapp to venmo? Is the technology not there yet? I wish the post office was a bank and they hosted their own pay apps.
The post office idea makes a lot of sense to me. There are a lots of people with no bank account but could use a pay app that isn't going to screw them.