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The US banking system has not adapted to the modern world at all. Anyone who has worked with ACH will tell you how bad it is from a payment processing point of
by ecobiker 11y ago
The US banking system has not adapted to the modern world at all.
Anyone who has worked with ACH will tell you how bad it is from a payment processing point of view - for those who don't know - you only receive negative ack, i.e., when a transfer failed and it's nowhere close to being instantaneous.
It's common elsewhere to have a "read" password and a "write" password. Basically, you'll be prompted with additional security measures when you are doing a transfer.
Also, the details I give out to somebody to receive money is the same details someone needs to take money out from my account. What the US banks have is a "digital" cheque processing system and not a digital banking system.
It's antiquated.
- toomuchtodo 11y agoGusto did a great blog post series about this, I highly recommend taking the time: http://engineering.gusto.com/how-ach-works-a-developer-perspective-part-1/ http://engineering.gusto.com/how-ach-works-a-developer-persp...
- kyrra 11y agoThe good thing is that there are efforts to improve ACH. For example the UK already has "Faster Payments"[0]. In the US the Federal Reserve has a task force[1] going to implement fast pay. Sadly it will be a while before the US gets it as they are still in the planning stages for the system. The completed spec is expected by the end of 2016, so we probably won't see it implemented until 2018. To add, the US is so complicated because we have so many friggin banks. Many countries there are only a few banks the service the nation, while the US has something like 14,000 different banks. [0] https://en.wikipedia.org/wiki/Faster_Payments_Service https://en.wikipedia.org/wiki/Faster_Payments_Service [1] https://fedpaymentsimprovement.org/get-involved/faster-payments-task-force/ https://fedpaymentsimprovement.org/get-involved/faster-payme...