Note that all the larger banks can do internal transfers as the speed of SQL, and this is an 80% bizdev 15% regulatory 4% risk 1% tech issue
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Estonia had near-instant inter-bank transfers until the new SEPA rules made them slow down (while making other countries faster).
@patio11
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@patio11@PetrusLundqvist the first bank I talked to about ACH transfers a few years ago didn't even have fully automated FTP; had to *call* -
@patio11@PetrusLundqvist I had a room full of bankers waste an hour of my time before this was revealed; only youngest guy look embarrassed
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@patio11 transfers already effectively instant in the UK in most cases. Don't know how (still lots of batch) but been true for few yearsThanks. Twitter will use this to make your timeline better. UndoUndo
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@patio11 interesting article on this: How Credit Cards Tax America http://priceonomics.com/how-credit-cards-tax-america/ … -
@patio11 oh snap wrong article (but related). I meant to link this one: https://ripple.com/insights/the-real-reason-we-dont-have-real-time-payments-in-the-us/ …
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@patio11 I assume you mean "somewhere in America?" Because bank transfers in Europe take one workday in the worst case. Usually hours/mins.Thanks. Twitter will use this to make your timeline better. UndoUndo
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@patio11 This is the norm in Europe already. The problem isn't individual banks -- it's the damned ACH network, which is controlled by Feds. -
@patio11 If a bank wants to stick its neck out and offer instant xfers, great. But it's going to have to do it on a credit-extension basis. - 1 more reply
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