5 ms·

What is this method of transaction? Credit cards?

kuschku 9y ago
SEPA Instant Credit Transfer. The Eurozone has had for many years a free transfer system between bank accounts, nowadays thanks to recent upgrades it's not only free, but also instant. And banks now have to provide an open API to all functionality as well, so that it's very easy to build technology on top to allow people to just quickly transfer money to someone, or pay online with it. But technically, it's just international wire transfers, for free, instantly, with an open API. Like most banks already provided.
- loeg 9y ago
  > But technically, it's just international wire transfers, for free, instantly, with an open API. Like most banks already provided. Eurozone banking is far ahead of the US in this regard :-(. Wires still cost $20-25 per here and ACH takes days.
  - toomuchtodo 9y ago
    ACH will be same day next month.
    - loeg 9y ago
      Do any US banks actually let users initiate ACH payments to other individuals? As far as I know, my bank does not (USAA).
      - toomuchtodo 9y ago
        Not through ACH, but through a bank owned consortium: https://www.zellepay.com/ https://www.zellepay.com/ USAA is a participant in that network. Transfers are (EDIT: mostly immediate below a certain dollar amount, next day above) between participant bank users. https://www.usaa.com/inet/wc/mobile_banking_send_money_zelle_faqs_index https://www.usaa.com/inet/wc/mobile_banking_send_money_zelle...
        snuxoll 9y ago
        Immediate isn’t always so true, it depends on the transaction amount with my bank (Wells Fargo). Something like $200 a day can be sent instantly, everything else is next day which still isn’t terrible. I actually pay my landlady with Zelle (have since it was clearxchange with every bank using different branding), it’s not half bad - the biggest downside really is that your bank has to participate unlike SEPA where it’s expected to be there.
        toomuchtodo 9y ago
        Thanks for pointing that out. I've updated my comment. Zelle will improve as more banks participate and the ACH network is modernized; I expect them to compliment each other until the US reaches their version of SEPA. A shim's a shim.

SEPA Instant Credit Transfer. The Eurozone has had for many years a free transfer system between bank accounts, nowadays thanks to recent upgrades it's not only free, but also instant. And banks now have to provide an open API to all functionality as well, so that it's very easy to build technology on top to allow people to just quickly transfer money to someone, or pay online with it. But technically, it's just international wire transfers, for free, instantly, with an open API. Like most banks already provided.

loeg 9y ago
> But technically, it's just international wire transfers, for free, instantly, with an open API. Like most banks already provided. Eurozone banking is far ahead of the US in this regard :-(. Wires still cost $20-25 per here and ACH takes days.
- toomuchtodo 9y ago
  ACH will be same day next month.
  - loeg 9y ago
    Do any US banks actually let users initiate ACH payments to other individuals? As far as I know, my bank does not (USAA).
    - toomuchtodo 9y ago
      Not through ACH, but through a bank owned consortium: https://www.zellepay.com/ https://www.zellepay.com/ USAA is a participant in that network. Transfers are (EDIT: mostly immediate below a certain dollar amount, next day above) between participant bank users. https://www.usaa.com/inet/wc/mobile_banking_send_money_zelle_faqs_index https://www.usaa.com/inet/wc/mobile_banking_send_money_zelle...
      - snuxoll 9y ago
        Immediate isn’t always so true, it depends on the transaction amount with my bank (Wells Fargo). Something like $200 a day can be sent instantly, everything else is next day which still isn’t terrible. I actually pay my landlady with Zelle (have since it was clearxchange with every bank using different branding), it’s not half bad - the biggest downside really is that your bank has to participate unlike SEPA where it’s expected to be there.
        toomuchtodo 9y ago
        Thanks for pointing that out. I've updated my comment. Zelle will improve as more banks participate and the ACH network is modernized; I expect them to compliment each other until the US reaches their version of SEPA. A shim's a shim.