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I have no problem with older systems being used for financial stuff like this. Sometimes it’s easier to just keep using what you already have. What I do have a

I have no problem with older systems being used for financial stuff like this. Sometimes it’s easier to just keep using what you already have. What I do have a problem with is when the antiquated computer systems make an entire country’s banking sector move glacially. ACH is so slow, and other countries (EU especially) have payment systems like SEPA and Faster Payments which are universally used, and clear pretty much instantly. I don’t know why the US doesn’t have something like this (I believe the fed is working on it), but it’s definitely created the room for the myriad of p2p payment apps like cash app and Venmo in the US, which really need not exist in a more developed banking system.

toomuchtodo 6y ago
The Federal Reserve is rolling out an instant payment system called FedNow in 2023. It’s design and implementation languished until Congressional pressure with concerns about Zelle becoming a dominant payment platform as a private entity (owned by Early Warning Systems). A separate issue is the Fed exploring creation of “digital currency”, essentially deposit accounts at the central bank. That was encouraged by the threat of Facebook’s Libra and China’s “digital yuan”. https://corpgov.law.harvard.edu/2020/08/31/fednow-the-federal-reserves-planned-instant-payments-service/ https://corpgov.law.harvard.edu/2020/08/31/fednow-the-federa... https://www.reuters.com/article/us-china-currency-digital-explainer-idUSKBN27411T https://www.reuters.com/article/us-china-currency-digital-ex...
- fennecfoxen 6y ago
  This is not without controversy. It has placed the Fed in the awkward position of competing with some of the firms it regulates, who had already begun building their own systems.
  - deleted 6y ago
    [deleted]
  - grenoire 6y ago
    In all fairness, same shit in Europe with PSD-2 (Payment Services Directive). Imagine an auditorium with representatives from each bank in Europe, no matter how big or small; each shouting at each other about how their systems are they way they are and will not be changed! It makes agreeing upon standards awfully hard. SEPA standards are pretty slick though, built a couple implementations myself for transfer documents (pain.00X) and It Just Works™.
    - throw0101a 6y ago
      > SEPA standards are pretty slick though, built a couple implementations myself for transfer documents (pain.00X) and It Just Works™. Where did you learn about them enough to be able to implement them? Are the standard(s) public available?
stjohnswarts 6y ago
I don't know why there are working examples of things and the USA just has to go it on their own. Why not just wholesale copy SEPA and use it rather than the "we have to build it here" syndrome. I'll never understand that. Same way with working educational and prison systems.

toomuchtodo 6y ago

The Federal Reserve is rolling out an instant payment system called FedNow in 2023. It’s design and implementation languished until Congressional pressure with concerns about Zelle becoming a dominant payment platform as a private entity (owned by Early Warning Systems). A separate issue is the Fed exploring creation of “digital currency”, essentially deposit accounts at the central bank. That was encouraged by the threat of Facebook’s Libra and China’s “digital yuan”. https://corpgov.law.harvard.edu/2020/08/31/fednow-the-federal-reserves-planned-instant-payments-service/ https://corpgov.law.harvard.edu/2020/08/31/fednow-the-federa... https://www.reuters.com/article/us-china-currency-digital-explainer-idUSKBN27411T https://www.reuters.com/article/us-china-currency-digital-ex...

fennecfoxen 6y ago
This is not without controversy. It has placed the Fed in the awkward position of competing with some of the firms it regulates, who had already begun building their own systems.
- deleted 6y ago
  [deleted]
- grenoire 6y ago
  In all fairness, same shit in Europe with PSD-2 (Payment Services Directive). Imagine an auditorium with representatives from each bank in Europe, no matter how big or small; each shouting at each other about how their systems are they way they are and will not be changed! It makes agreeing upon standards awfully hard. SEPA standards are pretty slick though, built a couple implementations myself for transfer documents (pain.00X) and It Just Works™.
  - throw0101a 6y ago
    > SEPA standards are pretty slick though, built a couple implementations myself for transfer documents (pain.00X) and It Just Works™. Where did you learn about them enough to be able to implement them? Are the standard(s) public available?

stjohnswarts 6y ago

I don't know why there are working examples of things and the USA just has to go it on their own. Why not just wholesale copy SEPA and use it rather than the "we have to build it here" syndrome. I'll never understand that. Same way with working educational and prison systems.