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When these were first introduced in 2017, it was around the time of one of those crypto crazes. People were arguing in favor of blockchain because of fast trans
by sva_ 3y ago
When these were first introduced in 2017, it was around the time of one of those crypto crazes. People were arguing in favor of blockchain because of fast transfer times. It felt to me as if the banks were like: "hold my beer, we can do that too."
So if that contributed to it, it'd actually be something good that came out of crypto.
- Symbiote 3y agoI don't think it's anything to do with cryptocurrency. The large British banks introduced their equivalent (being outside the Euro) in 2009-2010. I expect other European countries had national systems at around that time too.
- p_l 3y agoBritish banks were arguably quite slow at the time, with cheques and 5 business day clearing still being common (as well as inane account numbering scheme). But SEPA system was something that was "in the works" for I think a decade by then. A lot of it was essentially setting up faster interconnection that was compatible and cooperated with existing SWIFT systems and essentially enforced one standard set of parameters.