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> How else would you do risk management for loans? Government-run credit-bureau, like Thailand's National Credit Bureau (NCB), that isn't trying to make a buck

> How else would you do risk management for loans? Government-run credit-bureau, like Thailand's National Credit Bureau (NCB), that isn't trying to make a buck. Bank of Thailand (who are behind NCB) is also responsible for Prompt Pay, which is a most-excellent and ubiquitous QR-code and cell-number based instant payment system. American retail banking appears to have been screwed hard by "leaving it to the markets", where government intervention and threats have given us Faster Payments (UK), SEPA Instant (EU), Prompt Pay (TH) etc

davchana 4y ago
To add, the quick payment interface of India, UPI. Unified Payment Interface. Central Bank defined the rules. Every bank follows it. Money still gets settled as regular in behind the scenes, but on front end, customer sees money moving instantly, no fees. Money moves between super verified accounts or customers only.
gruez 4y ago
>American retail banking appears to have been screwed hard by "leaving it to the markets", where government intervention and threats have given us Faster Payments (UK), SEPA Instant (EU), Prompt Pay (TH) etc Looking at this comparison table[1], it seems like the options in the US (Zelle and RTP) arrived in similar timeframes to RT1 in the EU? [1] https://en.wikipedia.org/wiki/Instant_payment https://en.wikipedia.org/wiki/Instant_payment
- petesergeant 4y ago
  Why am I still receiving ACH and e-check payments from my clients then? Genuinely, I don't know the answer to this -- maybe the US account Wise provides me with is limited? Additionally, every time a Bitcoin maximalist shows up, if they're American they'll tout "fast, cheap payments!" and "right, but what if you wanted to make a transfer to a different bank AND on a weekend?!" as benefits, which are the benefits much of the developed world already has and doesn't think twice about any more.
petesergeant 4y ago
> where government intervention and threats have given us ... and also tiny interchange fees in the UK and EU: https://www.clearlypayments.com/blog/interchange-fees-by-country/ https://www.clearlypayments.com/blog/interchange-fees-by-cou... Of note: "The USA has the least regulatory oversight resulting in the highest interchange fees in the world. The same data below compares the interchange fee by country in chart form."

davchana 4y ago

To add, the quick payment interface of India, UPI. Unified Payment Interface. Central Bank defined the rules. Every bank follows it. Money still gets settled as regular in behind the scenes, but on front end, customer sees money moving instantly, no fees. Money moves between super verified accounts or customers only.

gruez 4y ago

>American retail banking appears to have been screwed hard by "leaving it to the markets", where government intervention and threats have given us Faster Payments (UK), SEPA Instant (EU), Prompt Pay (TH) etc Looking at this comparison table[1], it seems like the options in the US (Zelle and RTP) arrived in similar timeframes to RT1 in the EU? [1] https://en.wikipedia.org/wiki/Instant_payment https://en.wikipedia.org/wiki/Instant_payment

petesergeant 4y ago
Why am I still receiving ACH and e-check payments from my clients then? Genuinely, I don't know the answer to this -- maybe the US account Wise provides me with is limited? Additionally, every time a Bitcoin maximalist shows up, if they're American they'll tout "fast, cheap payments!" and "right, but what if you wanted to make a transfer to a different bank AND on a weekend?!" as benefits, which are the benefits much of the developed world already has and doesn't think twice about any more.

petesergeant 4y ago

> where government intervention and threats have given us ... and also tiny interchange fees in the UK and EU: https://www.clearlypayments.com/blog/interchange-fees-by-country/ https://www.clearlypayments.com/blog/interchange-fees-by-cou... Of note: "The USA has the least regulatory oversight resulting in the highest interchange fees in the world. The same data below compares the interchange fee by country in chart form."