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Fraud detection: the banks know how specific schemes work and have some checks for that, like when customers send many transactions at ones or checks for the am
by stop50 3y ago
Fraud detection: the banks know how specific schemes work and have some checks for that, like when customers send many transactions at ones or checks for the amounts themself, since some numbers are more rare than others. What exactly is checked is is secret and changes all the time. The mandatory 2fa also helps the security.
A normal wire transfer takes days even in europe. The immidiate wire transfer exists only for a few years and costs money for initiating one for some banks.
- moooo99 3y ago> A normal wire transfer takes days even in europe. That is somewhat true. Usually, a regular bank transfer does not take longer than 1-3 working days, mostly dependent on the institutions involved. Some banks take what feels like ages, some are done within 12 hours. But I have never experienced a transfer taking more than 36 hours, even internationally. > The immidiate wire transfer exists only for a few years and costs money for initiating one for some banks. SEPA Instant Payments we're a bit slow to roll out but are now catching up. They're now fairly widespread in terms of availability and cheap as well (the banks I have accounts at charge 50ct for an Instant Payment). Apparently there is also legislation in the works which would make instant payments the default by making them mandatory to support and capping their prices to the prices of non-instant SEPA payments [1] [1]: https://www.consilium.europa.eu/en/press/press-releases/2023/11/07/instant-payments-council-and-parliament-reach-provisional-agreement/ https://www.consilium.europa.eu/en/press/press-releases/2023...
- kasey_junk 3y agoExpect to see prices rise to cover the risk then. Sepa chargebacks are even more payer friendly than credit transactions (which are already wildly payer advantaged) with no dispute resolution process even available to the payee before 2 months. Effectively every merchant who accepts Sepa is extending credit to their customers. That may be the right policy choice but I can imagine it makes life very hard for small merchants.