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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 21 Mar 2019
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      I keep noticing (in a strictly personal capacity) ACH transfer speeds between personal accounts at large financial institutions trending down over last few years; the 3 to 5 day window seems to be next day now for most pairs I care about. Am I hallucinating? What changed?

      19 replies 5 retweets 80 likes
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      Patrick McKenzie‏ @patio11 21 Mar 2019
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      Is it a tech or policy change? Is it bilateral peering agreements to skip the ACH process (in favor of real-time message passing and next day settlement or something) while pretending not to? Or is it just my institutions crediting me faster based on me being very low risk?

      8:31 AM - 21 Mar 2019
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      • incremental leap Eric J Christeson @micahstubbs Ran Reichman بيير سامي Vaibhav Mallya Nick Baum 🇸🇪 Richard Zhu Joe The Rigolo
      7 replies 1 retweet 35 likes
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        2. Pete Keen‏ @zrail 21 Mar 2019
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          Replying to @patio11

          I love how NACHA's "same day" is actually "next day but let's just all pretend."

          1 reply 0 retweets 2 likes
        3. Wesley Walser‏ @wewals 21 Mar 2019
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          Replying to @zrail @patio11

          At 5.2 cents per transaction, I can only assume my bank is going to charge me no less than $10-per for this amazing new technology.

          0 replies 0 retweets 2 likes
        4. End of conversation
        1. Jan Rychter‏ @jrychter 21 Mar 2019
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          Replying to @patio11

          Coming from the EU where bank transfers are pretty much instantaneous and cost on the order of 1€, this all sounds like a remote fairy tale about dragons. By the way, we're still waiting for Stripe to be available in Poland.

          0 replies 0 retweets 4 likes
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        1. Andrei Popovici‏ @andreipopovici 21 Mar 2019
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          Replying to @patio11

          It's policy. The ACH return codes still take 3 days, but some processors decide whether to trust you during this period and assume the risk.

          0 replies 0 retweets 1 like
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        2. Its burn down‏ @gasnerpants 21 Mar 2019
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          Replying to @patio11

          it’s so called “same day ACH” with three processing windows

          1 reply 0 retweets 0 likes
        3. Jim Brusstar‏ @jimbru 21 Mar 2019
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          Replying to @gasnerpants @patio11

          While same day is a thing, I’d guess it’s mostly other pieces of bank software being more diligent about meeting processing cutoffs in a timely fashion.

          0 replies 0 retweets 1 like
        4. End of conversation
        1. scott vojik‏ @scottvojik 21 Mar 2019
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          Replying to @patio11

          Nope, you’re right. From my time as a transaction manager at a business, all ACH transfers just needed one full business day. Never once took more than that over thousands of transactions I did

          0 replies 0 retweets 0 likes
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        1. Will Critchlow‏Verified account @willcritchlow 21 Mar 2019
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          Replying to @patio11

          Have you experienced UK banking? It is a dramatically different (read: better) experience than US. I suspect you know tons of history etc and are fully aware of this from your new role and interests but it's *dramatic*

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        1. Cian O’Connor‏ @CianOConnor 21 Mar 2019
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          Replying to @patio11

          Wow. SEPA has instant payments that must clear in under 10 seconds and we still worry about how Asia racing ahead. Goes to show there's lots more work to be done in the payments space. 💪🏻

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