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Agreed that crypto and banking seem like oil and water for the issues you mentioned. ACH is far from safe. The keys are printed on every check, the transaction
by reilly3000 6y ago
Agreed that crypto and banking seem like oil and water for the issues you mentioned.
ACH is far from safe. The keys are printed on every check, the transactions aren't reversible, the settlement times are practically untenable for business. I've sold and bought payroll services, charged my customers with ACH, paid vendors with ACH, read the gawdawful spec, and I haven't much good to say about it, other than it mostly works, and enough people know it well enough.
- reilly3000 6y agoFurther reading for the curious: The official rules: https://www.firstmid.com/wp-content/uploads/2014/02/2013-Corporate-Rules-and-Guidelines.pdf https://www.firstmid.com/wp-content/uploads/2014/02/2013-Cor... https://files.nc.gov/ncosc/documents/eCommerce/bank_of_america_nacha_file_specs.pdf https://files.nc.gov/ncosc/documents/eCommerce/bank_of_ameri... This is the cleanest implementation guide I've ever seen. Its a breeze compared to the former. Fraud issues: https://bankinnovation.net/allposts/focus/comp-reg/ach-is-a-sieve-of-fraud-that-needs-to-be-fixed/ https://bankinnovation.net/allposts/focus/comp-reg/ach-is-a-... A dev's take: https://security.stackexchange.com/questions/85046/what-protections-are-put-in-place-to-prevent-ach-scams https://security.stackexchange.com/questions/85046/what-prot... > Note that ACH was never designed to fullfil the task it's currently used for.