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Most banks in the US use a free service called Zelle. Transfers take minutes [0], not hours. Apps like CashApp or Venmo take seconds (for on-platform transfers)
by itake 4y ago
Most banks in the US use a free service called Zelle. Transfers take minutes [0], not hours. Apps like CashApp or Venmo take seconds (for on-platform transfers).
[1] - https://www.zellepay.com/faq/how-long-does-it-take-receive-money-zelle https://www.zellepay.com/faq/how-long-does-it-take-receive-m...
- hotpotamus 4y agoAnd you get to play the game of who has which app and who can proxy money around from one app to the other any time you want to organize a purchase amongst a group of friends.
- 4ndrewl 4y agoI guess that's "innovative"?
- itake 4y agoAgain, most banks offer Zelle. > who has which app As opposed to what? A monopoly where a single company controls features and prices?
- 4ndrewl 4y agoRegulation, as per EU and many other countries?
- function_seven 4y agoAs opposed to a neutral protocol not controlled by any one entity. Think of it like email or the telephone network, versus the various instant messaging silos.
- rad_gruchalski 4y ago> A monopoly where a single company controls features and prices? That’s not what SEPA is.
- KptMarchewa 4y agoNo, like India's UPI, UK's Faster Payments or Poland's BLIK.
- rootusrootus 4y agoMore often than not, that just means everyone uses Venmo. Free, and not tied to my personal banking.
- hotpotamus 4y agoThere's a trading reddit that I sometimes visit where they all use Paypal Friends and Family which I gather is incompatible with Venmo despite being owned by the same company? The time or two I've used it, the guys on the other end took Square's Cashapp luckily. I do have Venmo because a former team used it. I also have Zelle because it's built into the Ally Bank app which came in handy to pay back my Uncle when he helped with some fence construction. If this is innovation, I'm pretty tired of it.
- sidewndr46 4y agoZelle is effectively nothing more than a way for attackers to freely siphon all the funds out of your account if they gain access to your banks online system. There is nothing that can be done in that case because Zelle doesn't have any system for handling fraudulent transactions.
- pwg 4y agoThere are discussions among the banks that own Zelle to correct this issue: JPMorgan, Other Banks in Talks to Reimburse Scammed Zelle Customers WSJ link: https://www.wsj.com/amp/articles/jpmorgan-other-banks-in-talks-to-reimburse-scammed-zelle-customers-11669608886 https://www.wsj.com/amp/articles/jpmorgan-other-banks-in-tal... Archive link: https://archive.vn/yXy1P https://archive.vn/yXy1P
- bitwize 4y agoZelle REQUIRES a banking app. It is not available through a web site or other electronic means. Which means, among other things, you'd better have a locked down, stock OS image for your phone because without remote attestation banking apps simply will not work.
- function_seven 4y agoThis isn't true. I use Zelle on my credit union's website. No app or phone required.
- orangecat 4y agoZelle REQUIRES a banking app. I've used it through the web with no problems. Maybe it depends on your bank? Totally agreed that the trend of requiring devices that have preinstalled rootkits is terrible.
- bmitc 4y agoTransferring money back to your bank account does indeed take days, at least for Venmo.
- xur17 4y agoZelle is a tire fire.
- albert180 4y agoSEPA Instant Payments take Seconds and work with every Bank account in the SEPA Area. You also don't need one specific app for this, nor can you wire by accident the wrong person money because the Account Numbers contain Checksums