5 ms·
Interesting it took so long. In UK it already takes way below 10s. Would it also apply during the night and, on weekends and holidays?
by odiroot 3y ago
Interesting it took so long. In UK it already takes way below 10s.
Would it also apply during the night and, on weekends and holidays?
- Xylakant 3y agoWithin the UK is a different beast than within 20 different nations, which the EU (or here the Eurozone) still is, despite all progress that’s been made.
- troupo 3y agoAccording to the article, yes. """ An instant credit transfer is supposed to be executed regardless of the day or hour and the money must arrive into the recipient’s account within ten seconds. """
- the_mitsuhiko 3y agoSEPA instant already exists, but banks charge money for it sometimes. For instance N26 charges 49ct for an instant transfer vs free for one that settles next day. Not sure why banks decided to nickle and dime you on this.
- Xylakant 3y agoAnd not all banks support this, as I found out to my dismay. Now I have accounts at two different banks, because having the option to make an instant transfer is always great.
- pc86 3y agoBecause they can, and when you're talking about tens or hundreds of millions of people, enough are willing to spend .49 to get the money immediately that it adds up to a nontrivial amount of money.
- pityJuke 3y agoUK from what I can tell is world leading on fast payments, having launched Faster Payments Service in 2008. (India is now there with UPI, and I hear Brazil is doing great too. The USA has started the process, although it’ll take some time.)
- kasperni 3y ago> UK from what I can tell is world leading on fast payments, having launched Faster Payments Service in 2008. Only 35 later than Japan's ZENGIN, which launched in 1973.
- pityJuke 3y agoOoo, never heard about this one! Well done Japan!
- pasttense01 3y agoBut Japan probably has the highest percent of payments by cash at retail establishments--51% by transaction value in 2022.
- oliwarner 3y agoI agree FP is great, and free, and it feels instant most of the time… But it's actually allowed to stall for up to 2 hours if either bank wants to perform additional verification (which it sometimes has to based on who you are, who they are, etc). So yeah, normally great but not quite Great Enough™ that you can build a payment processing system on top of it. Go Cardless tried with DD and now they're hooking directly into each banks's transfer flow.
- rsynnott 3y agoSEPA Instant is actually quite old at this point, but it was unfortunately introduced without a mandate; while SEPA was mandated, SEPA Instant was not. I think FPS has been compulsory for a while.