3 ms·
Aren'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/E
by kalleboo 3y ago
Aren'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.