5 ms·
Since 2008 the UK, the Faster Payments Service[1] on infrastructure run by Vocalink[2] enable bank-to-bank payments that usually clear in a couple of seconds. T
by tomblomfield 12y ago
Since 2008 the UK, the Faster Payments Service[1] on infrastructure run by Vocalink[2] enable bank-to-bank payments that usually clear in a couple of seconds. This should work 24/7, depending on the sending and receiving bank. Many banks will "soft post" the payment during the day in a mirror ledger, and then run overnight batch processes to "hard post".
Of course, their batches only run on business days. Because there's no-one around at the weekend to crank the handles on the machines...?
I'd expect to see Faster Payments rolled out in the US in the next 5-7 years.
1. http://en.wikipedia.org/wiki/Faster_Payments_Service http://en.wikipedia.org/wiki/Faster_Payments_Service
2. http://en.wikipedia.org/wiki/VocaLink http://en.wikipedia.org/wiki/VocaLink
- M2Ys4U 12y agoThe latency still isn't good enough with FPS. I still have to wait until COB the next working day to transfer money from my building society to my bank account :(
- jacques_chester 12y agoThe oral history is that the UK's systems were built by Australians, because we and the kiwis have had this level of convenience since the late 90s.
- fphhotchips 12y agoWe do? I wrote my message on this from Australia, still frustrated by the level of convenience we have. It's actually worse in some places?
- jacques_chester 12y agoWhen I explain EFT and EFTPOS to Americans, they're often surprised that we Australians had it for decades. The USA flew men to the moon, built the bomb and invented the internet. Their principal form of funds transfer is still with pieces of paper. Pieces of actual paper.