Does any European bank actually have a public API? My bank (Danske Bank) does not. Even the first step of logging-in with our digital sign-on (NemID) is a bit tricky to automate. (MitID's rsa key fob might make it easier)
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Bank transfers as a payment method
191–200 of 335 posts
Re: Bank transfers as a payment method
#192Bizum in Spain is awesome: associate your bank account to a mobile phone number, send and receive money with just the phone number. Both for individuals (free) and businesses (very low fees). Since every bank in Spain supports Bizum, it has been a turning point for everybody. Of course VISA and MasterCard are not happy since they are losing more and more transactions.
Re: Bank transfers as a payment method
#193Earlier quoted context omitted.
Zelle payment transfers are painless, instantaneous, and free. I can do it from my bank's app or online banking page. Punch in the person's phone number or email, enter the amount, done. They don't even have to accept the payment. And nobody has to describe what the transaction was for; it's highly private, beyond who the money came from / went to and the amount. The caveat is that the money transfer cannot be undone…
The biggest problem with Zelle is the low limits. I cannot send more than $2500/month. One time I paid a contractor about this amount, and then, well, I couldn't use it for a WHOLE month until the limit reset itself... Very, very annoying. One of the many reasons I prefer crypto currencies. No one restricts me about what I can do with my money
For what it's worth, the limit on MobilePay in Denmark is 15,000DKK/day, $2300.
Through the website, transfers with similar speed are limited to 1,000,000DKK a day ($150k).
In person (showing identification at the bank) I don't think there's a limit.
You will note the restrictions apply also to anyone who has successfully stolen your credentials, or is holding you at gunpoint, etc.
Re: Bank transfers as a payment method
#194Earlier quoted context omitted.
Zelle payment transfers are painless, instantaneous, and free. I can do it from my bank's app or online banking page. Punch in the person's phone number or email, enter the amount, done. They don't even have to accept the payment. And nobody has to describe what the transaction was for; it's highly private, beyond who the money came from / went to and the amount. The caveat is that the money transfer cannot be undone…
It’s crazy how much Zelle has taken off in my area. Home contractors. My barber. My family. Also the etiquette that’s emerged around using Zelle is funny too. If I’m paying someone new, they’ll normally have me send $1 as a test to make sure we all have the right contact info before sending the rest.
They should be able to request a payment instead of sending $1. If I go into Bank of America's app, I see "Send" "Request" and "Split" options.
I do not see these options on BoA's website though, which is a dumb inconsistency.
Re: Bank transfers as a payment method
#195Earlier quoted context omitted.
My bank in Norway (SBanken, formerly Skandia Bank) allows me to specify a maximum amount that any creditor can ask for per month when using the equivalent of direct debits (and I also get notified in advance of every payment so that I can cancel either the individual payment or the whole agreement if I wish. This is all done via the web or app and takes effect immediately, no need to ask anyone at the bank to do anyt…
«AvtaleGiro» is such a time saver. Utilities, electricity, internet, road tax, insurance and almost all kinds of recurring payments happens automatically and electronically.
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Re: Bank transfers as a payment method
#196Australia's New Payment Platform performs bank transfers instantly, and can use email address, phone number, or business ID as a destination (the recipient must first have registered this with their bank). No fees. It's pretty decent. https://www.rba.gov.au/payments-and-infrastructure/new-payme...
Also there’s BPAY for bills and things which must be pretty cheap to vendors because it’s almost always an option for any kind of internet/phone/utility etc. invoice and never has a surcharge unlike credit card payments sometimes do.
I’ve seen it for web payments but it’s not ideal because of the delay (usually like next business day) in processing.
Re: Bank transfers as a payment method
#197Australia's New Payment Platform performs bank transfers instantly, and can use email address, phone number, or business ID as a destination (the recipient must first have registered this with their bank). No fees. It's pretty decent. https://www.rba.gov.au/payments-and-infrastructure/new-payme...
There is a delay of first transactions. PayID is what it it is called for most banks.
I’ve never experienced that with any of the banks I have accounts with…
Re: Bank transfers as a payment method
#198Earlier quoted context omitted.
I could do without #5 to be honest. Should be working towards a more decentralized approach.
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…
> What is so evil about a central bank?
Don't know about India's central bank but US Fed plays with interest rates, bails out risk taking companies or their close friends creating moral hazard, prints money recklessly destroying your savings.
Re: Bank transfers as a payment method
#199I like how truelayer operates. Takes me to my banking app where I authorise the payment using my bank auth.
No middlemen "value-adds" -X%, no keying in card details, no crappy browser autofill and CVV. Admittedly this only seems to work via mobile at the moment and haven't seen it on the web yet.
The Amazon VISA announcement shows that maybe card providers and their payment service providers are next on the disrupt list. They might go the way of the dodo.
Re: Bank transfers as a payment method
#200If pay with debit card you are doing a bank transfer. Maybe in the US most people are using credit cards but in EU many are using debit cards.
Not really. From a purely technical perspective there’s no real difference between a credit card and a debit card. The mechanism for moving money is identical. The only difference is that one moves money from a credit account, the other moves it from a debit account. The costs via Visa/MasterCard are broadly the same. The clearing and settlement process is also broadly the same. Neither are as quick or finite as a ba…
The maestro cards in Germany aren't real maestro cards, but co-branded girocards that only use the maestro network outside the EU.
They end up making an actual, real chip+pin authorized bank transfer.