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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. theatre of christi‏ @theartofchristi Jan 29
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      @patio11 Curious if there’s a (good and/or explainable) reason US banks don’t seem to offer e-transfers? I just saw a freelancer complaining about waiting for a wire transfer to go thru and it sounded like the dark ages.

      1 reply 0 retweets 0 likes
    2. Patrick McKenzie‏ @patio11 Jan 29
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      Replying to @theartofchristi

      A complicated topic! US banks do offer transfers to most of their customers, broadly over at least four types of rails: * ACH * Wire * Ledger (internal) transfers * Zelle

      1 reply 0 retweets 3 likes
    3. Patrick McKenzie‏ @patio11 Jan 29
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      Replying to @patio11 @theartofchristi

      All of these are available electronically, and Zelle is only available electronically, but they have different limits, speeds, funds availability, and requirements regarding who you’re sending to. This makes the subjective P2P transfer experience worse than in many peer nations.

      1 reply 0 retweets 1 like
    4. Patrick McKenzie‏ @patio11 Jan 29
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      Replying to @patio11 @theartofchristi

      It’s difficult for me to guess exactly why your freelancer was complaining, because there are a lot of different ways to have friction there rather than one overarching and remedial cause. Partly this is because payments in the US have extreme levels of path dependence.

      1 reply 0 retweets 1 like
      Patrick McKenzie‏ @patio11 Jan 29
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      Replying to @patio11 @theartofchristi

      We’re not quite *stuck* in a nationwide local maxima on payments, and indeed they’ve improved materially in last 20 years, but you can definitely still trace “US payments infrastructure assumes a fundamentally check-based golden path for retail/SMB transfers” to many limits.

      8:22 AM - 29 Jan 2020
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      • Nick Baum 🇸🇪
      1 reply 0 retweets 1 like
        1. theatre of christi‏ @theartofchristi Jan 29
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          Replying to @patio11

          Huh - thanks for the reply! I can't quite remember the details either, it was a tweet from a while back. It's very odd sometimes navigating the Canada/US Interac divide when you're used to one-click online shopping, and forget that it doesn't necessarily apply IRL 😅

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