3 ms·
How does a law like this increase competitiveness? It looks like it decreases competitiveness, since banks can no longer compete on who has the fastest transfer
by vdaea 3y ago
How does a law like this increase competitiveness? It looks like it decreases competitiveness, since banks can no longer compete on who has the fastest transfers.
- MattPalmer1086 3y agoDid banks ever compete on this? In any case, transfers rely on both banks processing the transaction speedily, so it wouldn't seem like something one bank could do unilaterally.
- short_sells_poo 3y agoAre you serious? It sets the ceiling on transfer time so that a minimum baseline quality of service is ensured.
- vdaea 3y agoI'm not saying that it's not good for customers. I'm saying that it does not increase competitiveness, which was the claim.
- syrgian 3y agoCompanies (not banks) that can now settle payments almost in real-time rather than wait a day to confirm that the payment has been received makes them more competitive global-economy wise.
- vdaea 3y agoHow does this make banks more competitive global-economy wise when these 10-minute transfers won't work with banks outside the EU?
- troupo 3y agoThis increases the competitiveness among other things because large established players cannot deny instant transfers to smaller competitors.
- paddez 3y agoSo they'll have to compete elsewhere? How is this anything but a win for consumers?
- tiltowait 3y agoThe parent didn't say it's not a win for customers, just that it's not clear to them how it will enhance competition.
- kardos 3y agoDo they actually compete on speed here? The law seems like a mitigation for market failure -- there is not enough competition and the banks don't compete on things like this
- lpapez 3y agoThey will simply have to compete in other areas. We know that sub-10-second-transfers are possible, by making it the norm you are not decreasing competition, just forcing players who are not competitive in this regard to conform or exit the field. Markets are not perfectly efficient and you can have competitors surviving due to foul play or simply customer inertia. This protects consumer interest by forcing such market players to at least get to a baseline level or die.
- dv_dt 3y agoBetter than competition on who can get away with burdening their customers with the slowest transaction.
- rsynnott 3y agoEh? No-one ever competed on that. It's not like there's much of a range; banks either do SEPA Instant (instant) or normal SEPA (same/next business day depending on cutoff timing).