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Wouldn't the equivalent of ACH transfer be SEPA Credit Transfer (SCT)? I'd add that SEPA being mandatory for all participating countries has simplified transfe
by espadrine 9y ago
Wouldn't the equivalent of ACH transfer be SEPA Credit Transfer (SCT)?
I'd add that SEPA being mandatory for all participating countries has simplified transfers a great deal. Now most banks remember creditors, just like a phone book but for money, so sending money from your phone is pretty neat.
Additionally, the SEPA effort created ISO 20022, which is gaining ground worldwide as a one-stop-shop format for financial transfers. See this article from the US Federal Reserve a couple of weeks ago: https://fedpaymentsimprovement.org/news/press-releases/federal-reserve-announces-iso-20022-migration-timeline-fedwire-funds-service/ https://fedpaymentsimprovement.org/news/press-releases/feder...
- kuschku 9y agoWell, depends on if you consider push or pull. SCT is entirely push, and requires signing the transaction with your card, or using at least 2FA for verification. This doesn’t happen by accident. SDD is entirely pull, and is the only one that could theoretically be abused, but that’s as mentioned also not that easy.