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Yeah, the basic idea of it is faster payments + the ability to transfer to an email address/phone number/ABN. The value is in it being supported by all the vari

Yeah, the basic idea of it is faster payments + the ability to transfer to an email address/phone number/ABN. The value is in it being supported by all the various banks and being instant, so you can just log into your banking app and instantly transfer to someone's account using only their email address, for example. Source: I work on the account resolution service that is part of this.

eggsome 9y ago
Interesting. I am one of (what I assume to be) a very small subset of people that manged to enter their email address before there was any input validation. (my account is with one of the big four). Despite using internet banking my registered email address ends with @127.0.0.1 Would this prevent me receiving payments?
- MattPearce 9y ago
  Ha, that's interesting - validation and normalisation is the responsibility of the banks so would depend on whether the bank of the person doing the lookup accepts it as a valid email address
cm2187 9y ago
I presume the identifier is only usable to receive payments not to pull payments? Why does it need to be a phone number or email. Doesn’t it just need to be a unique string?
- MattPearce 9y ago
  Yeah, only for receiving for now as far as I'm aware. As far as the reason it's restricted to certain types, I'm not sure - I'm contracting at a subcontractor of SWIFT so we're down the pipeline at the implementation end of things, not much visibility of business decisions.
  - chris_wot 9y ago
    I think I know one of the QA people who work in your company. You’ve done a pretty amazing job from the little snippets I’ve heard of this project!
    - MattPearce 9y ago
      Thanks, unfortunately I can't take too much of the credit personally as I've only been involved in the last few months of a multi-year project. Might be Brett that you know?
madeofpalk 9y ago
AND, my understanding, is richer data to go along with transactions. A shop could, theoretically, attach a receipt to payments so you can view that in your internet banking.
- MattPearce 9y ago
  Yes, this is also true :)

eggsome 9y ago

Interesting. I am one of (what I assume to be) a very small subset of people that manged to enter their email address before there was any input validation. (my account is with one of the big four). Despite using internet banking my registered email address ends with @127.0.0.1 Would this prevent me receiving payments?

MattPearce 9y ago
Ha, that's interesting - validation and normalisation is the responsibility of the banks so would depend on whether the bank of the person doing the lookup accepts it as a valid email address

cm2187 9y ago

I presume the identifier is only usable to receive payments not to pull payments? Why does it need to be a phone number or email. Doesn’t it just need to be a unique string?

MattPearce 9y ago
Yeah, only for receiving for now as far as I'm aware. As far as the reason it's restricted to certain types, I'm not sure - I'm contracting at a subcontractor of SWIFT so we're down the pipeline at the implementation end of things, not much visibility of business decisions.
- chris_wot 9y ago
  I think I know one of the QA people who work in your company. You’ve done a pretty amazing job from the little snippets I’ve heard of this project!
  - MattPearce 9y ago
    Thanks, unfortunately I can't take too much of the credit personally as I've only been involved in the last few months of a multi-year project. Might be Brett that you know?

madeofpalk 9y ago

AND, my understanding, is richer data to go along with transactions. A shop could, theoretically, attach a receipt to payments so you can view that in your internet banking.

MattPearce 9y ago
Yes, this is also true :)