5 ms·

Same day??? Check out Ripple... 2 seconds, from anywhere in the world.

• brucephillips 9y ago
  Or, you know, Paypal.
  • heheocoenev 9y ago
    Paypal doesn't serve many countries. Has high fees. Can arbitrarily lock you away from funds or freeze accounts. Censors Transactions. Banking law does not apply as they are a transmitter, not a bank. Many many reasons not to PayPal.
    • brucephillips 9y ago
      If you look into the reason for each of those constraints, you'll find that any cryptocurrency exchange will eventually have to face the same challenges. I think it was Hector-Garcia Molina who used to talk about how NoSQL proponents were so excited about the scale benefits, but just hadn't yet realized that they need ACID, normalization, etc.. That's who cryptocurrency advocates remind me of. Just because some features are superior currently, doesn't mean those features are consistent with future, inevitable constraints.
    • kevin_thibedeau 9y ago
      They are a bank in Europe.
      • vertex-four 9y ago
        On the other hand, Europe broadly has better ways to transfer money. For example, anyone with a mobile banking app can transfer money to anyone else who's registered their mobile number with their bank - even completely separate banks - near-instantly, with an hour's delay in extreme cases, in the UK. And I often hear that other countries have significantly better infrastructure than us.
  • pbrb 9y ago
    Paypal has nothing to do with ACH or cash settlement. Totally different.
    • brucephillips 9y ago
      Neither does Ripple, which is the technology in question in this subthread.
      • pbrb 9y ago
        Ripple is a member of NACHA: https://ripple.com/insights/ripple-labs-joins-mainstream-nacha-financial-industry-alliance/ https://ripple.com/insights/ripple-labs-joins-mainstream-nac... There is huge potential with what Ripple is doing, and their technology very much has a lot to do with ACH and cash settlement. Apologies if I was being an ass. I'm just really excited about Ripple and how I think their technology can transform the entire electronic movement of money. No more waiting days for cash to settle... it literally takes seconds. It's pretty amazing to see it in action.
        • simeongbolo 9y ago
          You are so right, Ripple is one of the only companies trying to revolutionize how payments work by creating interoperability between different payment networks and working with banks. What they are trying to do is extremely ambitious... if they can pull it off then oh man, not sure what to say. It's like trying to predict Facebook pre internet.....
    • QML 9y ago
      When you withdrawal from PayPal (or at least Venmo), doesn't it go through an ACH?
      • wmf 9y ago
        Which is why PayPal can't be faster than ACH.
    • jrochkind1 9y ago
• electic 9y ago
  Ripple is part of the NACHA alliance. A lot of banks are using this to settle transactions in RT and even more banks are experimenting with it including the Fed itself. https://ripple.com/insights/ripple-labs-joins-nacha-alliance/ https://ripple.com/insights/ripple-labs-joins-nacha-alliance... If you are unaware of what Ripple is then read up here: https://ripple.com/ https://ripple.com/
  • sealthedeal 9y ago
    Ripple will essentially just be another way for banks to charge same fees for settlements, but faster.