3 ms·
Domestic wire transfers in US takes longer and are more expensive than in Europe and developing countries such as Brazil and Argentina Do you think the US is i
by 300bps 3y ago
Domestic wire transfers in US takes longer and are more expensive than in Europe and developing countries such as Brazil and Argentina
Do you think the US is incapable of sending an immediate message transferring money? Of course the US has that technical capability.
AML, BSA, KYC, Anti-Fraud. These are a few of the things that slow down the transfers and add to the cost. A lot of people think they're a feature, not a bug.
Then along come money transfer services that don't have these features. They'll all either get these features or they will be shutdown. There isn't a third option.
- wslh 3y agoTechnical capabilities could be shadow by political capabilities.
- _Tev 3y agoAML and KYC got more intense in my EU country at the same time as instant payments became a thing. Between regular banks. I don't think those are the problem.
- KptMarchewa 3y ago> AML, BSA, KYC, Anti-Fraud. These are a few of the things that slow down the transfers and add to the cost. A lot of people think they're a feature, not a bug. This is why you have to harden system at the fringes, not in the middle as old clearing systems did.
- eropple 3y agoIdeally, but now you're trusting the edge. It can be done. It's also a lot harder, and requires a lot more investment in places that were not considered things to care about when those old systems were created. Some things have improved over time, turns out.
- misnome 3y agoPlenty of countries around the world have all of that _and_ instant payments. But that takes cooperation, which is incompatible with The American Way of “Winner takes all and the more people you can downtread on the way to the top, the better”