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Wiretransfer at least internationally can't be instant since there is no such thing as an international wiretransfer. What there is is a bunch of agreement betw
by ThomPete 10y ago
Wiretransfer at least internationally can't be instant since there is no such thing as an international wiretransfer. What there is is a bunch of agreement between banks. So at least globally a law wont change anything.
- ascorbic 10y agohttps://en.wikipedia.org/wiki/Single_Euro_Payments_Area https://en.wikipedia.org/wiki/Single_Euro_Payments_Area
- germanier 10y agoNot only is there such a thing as a common system for international wire transfers in Europe (SEPA Credit Transfer, which is also used for domestic wires as well), instant payments are coming soon™ to that (supposedly end of next year): http://www.europeanpaymentscouncil.eu/index.cfm/sepa-instant-payments/what-are-instant-payments/ http://www.europeanpaymentscouncil.eu/index.cfm/sepa-instant...
- ThomPete 10y agoSure i was talking about globally.
- germanier 10y agoThe existence of SEPA shows that it might be viable on a larger scale. While the EU and EEA members already share a common legal framework, the other two SEPA members (San Marino and Monaco) don't (even though they cooperate closely with the EU in certain areas). With enough political will a larger payment area doesn't seem impossible. (But personally I can't imagine this to happen globally.)