4 ms·

I think this hits the nail on the head. Sure I can send money to who I like from my UK bank, so long as I have their account number and sort code. But I can fin

by Balero 9y ago

I think this hits the nail on the head. Sure I can send money to who I like from my UK bank, so long as I have their account number and sort code. But I can find people on Venmo if we have mutual friends, there's a social graph underpinning it. Whereas the banks have a legacy paper system underpinning theirs. Again, with things like MoneyDashboard, or Mint you can track your as a series of data object, assign tags etc. In my online statements I can track them as if they were double recorded accounting in a book. The old banks have legacy systems that they are putting new technology on top of. These new banks seem to be having this new technology and thinking as a core part of their process. This is a good thing!

nly 9y ago
Most UK banks support Paym, which lets you send money to someone using just their phone number. This is paid directly into their chosen bank account, not into an intermediate PayPal-esque wallet service (which is what Venmo seems to be). https://paym.co.uk/ https://paym.co.uk/
- snthd 9y ago
  Only if the recipient is happy to have their name looked up using their mobile number. >When you select or input your contact’s mobile phone number and the amount you want to pay, you will see a confirmation screen which shows the recipient name as registered to the mobile number on the central database. If this is the person you want to pay you can confirm the payment. If it isn’t the person you intended to pay or isn’t someone you recognise you should cancel the payment.
  - nly 9y ago
    In what circumstance do you have someones phone number but not their name? Hopefully only banks/privileged API key holders can look this up
    - walshemj 9y ago
      I am not sure that banks are allowed to do that, I know that reverse lookups are banned in the UK for good reasons and abusing the internal systems of phone companies to do that has severe penalties.
      - hd4 9y ago
        reverse lookups aren't banned in the UK, afaik
    - ajdlinux 9y ago
      You might have someone's phone number but not their full name or legal name.
walshemj 9y ago
And why would I need to do that send money to some one who doesn't have a sort code and b ac number.

by Balero 9y ago

nly 9y ago

Most UK banks support Paym, which lets you send money to someone using just their phone number. This is paid directly into their chosen bank account, not into an intermediate PayPal-esque wallet service (which is what Venmo seems to be). https://paym.co.uk/ https://paym.co.uk/

snthd 9y ago
Only if the recipient is happy to have their name looked up using their mobile number. >When you select or input your contact’s mobile phone number and the amount you want to pay, you will see a confirmation screen which shows the recipient name as registered to the mobile number on the central database. If this is the person you want to pay you can confirm the payment. If it isn’t the person you intended to pay or isn’t someone you recognise you should cancel the payment.
- nly 9y ago
  In what circumstance do you have someones phone number but not their name? Hopefully only banks/privileged API key holders can look this up
  - walshemj 9y ago
    I am not sure that banks are allowed to do that, I know that reverse lookups are banned in the UK for good reasons and abusing the internal systems of phone companies to do that has severe penalties.
    - hd4 9y ago
      reverse lookups aren't banned in the UK, afaik
  - ajdlinux 9y ago
    You might have someone's phone number but not their full name or legal name.

walshemj 9y ago

And why would I need to do that send money to some one who doesn't have a sort code and b ac number.