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The system listed in the article is also run by a private company in the UK, Vocalink. The government isn't involved in it. Systems in most non US countries ar
by akhatri_aus 11y ago
The system listed in the article is also run by a private company in the UK, Vocalink. The government isn't involved in it.
Systems in most non US countries are run by associations run by the banks. More examples include APCA (Australia), PASA (South Africa).
Not too sure where the socialism comes in.
In the US there is also Fedwire, which works in real time. It just costs a bit more.
- Animats 11y agoThe UK system is now private, but the Payments Council, which set it up, was sort of a quango. The UK has a history of organizations which are semi-private but have close ties to the government.
- chimeracoder 11y ago> The UK has a history of organizations which are semi-private but have close ties to the government. That statement applies to the US as well.
- sveiss 11y agoIt did take some moderately heavy leaning on the UK banks by government before the Faster Payments System finally got introduced, though.