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> Getting ride of the Visa/Mastercard duopoly would mean that all banks must connect to all other banks, which they do not want to do, believe me. That would be
by generic92034 3y ago
> Getting ride of the Visa/Mastercard duopoly would mean that all banks must connect to all other banks, which they do not want to do, believe me. That would be an administrative hell for them.
What would be so strange about that?
https://en.wikipedia.org/wiki/Single_Euro_Payments_Area https://en.wikipedia.org/wiki/Single_Euro_Payments_Area
- kalleboo 3y agoAren't most SEPA transfers not settled directly bank-to-bank but through STEP2? https://en.wikipedia.org/wiki/EBA_Clearing#STEP2 https://en.wikipedia.org/wiki/EBA_Clearing#STEP2 That said, in a system replacing VISA/MasterCard (which I personally believe is a goal worth working toward), it seems like the easiest way would be to connect all the existing national clearing systems (many of these already have instant payments on their own - Fedwire in the US, STEP2 in the Eurozone, Zengin in Japan, etc etc) in a two-tier system.
- generic92034 3y agoOh, my point was not confirming the premise of the parent in that all banks would need to connect to all other banks, but that it would not be such a hard feat to get rid of VISA/Mastercard for this kind of processing.