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Most states have in fact invented bank transfers for that purpose.
by bawolff 11mo ago
Most states have in fact invented bank transfers for that purpose.
- charcircuit 11mo agoThe decentralized nature of banks makes it hard to offer a good payment experience to consumers and businesses.
- walthamstow 11mo agoInside the same country, really? We have the aptly-named Faster Payments in the UK and it's instant. The company I work for is virtually built upon it. https://en.wikipedia.org/wiki/Faster_Payment_System_%28United_Kingdom https://en.wikipedia.org/wiki/Faster_Payment_System_%28Unite...
- bawolff 11mo agoOnly in America. The rest of the world figured it out.
- disgruntledphd2 11mo agoTo be fair, this is because the US figured this stuff out way earlier through credit cards, and now there's a bunch of stakeholders and legacy changes which get in the way of making the services better.
- FabHK 11mo agoIndeed, and there are some good reasons, too: US regulators want to prop up smaller regional banks and avoid large national monopolies (for what is essentially a natural monopoly). The externalities of the crappy US banking system are so vast though. Musk, crypto, ...
- KellyCriterion 11mo agoSEPA is among the most stable & robust payment areas globally with a lot of interesting features which a lot of other regions are jealous about :-) And there are additional layers built on top, so at least we have N=1, while I have to admit that convenience could & should be improved