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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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    Patrick McKenzie‏ @patio11 25 Feb 2016
    • Report Tweet
    • Report NetzDG Violation

    Patrick McKenzie Retweeted Petrus Lundqvist

    This is going to happen somewhere, get used as a marketing differentiator, and then be everywhere in 18 months.https://twitter.com/petruslundqvist/status/702502491372576768 …

    Patrick McKenzie added,

    Petrus Lundqvist @PetrusLundqvist
    Want to speed up bank account transfers? You don't need blockchains. You need to stop doing batch updates at 3am from ftp transferred files.
    1:08 AM - 25 Feb 2016
    • 7 Retweets
    • 25 Likes
    • Brian Kung ダークソール fmap Mark Moriarty 🎙️🎧 signal to noise Richard Barrell Kris Jenkins Juha Makkonen Emanuele Libralato
    6 replies 7 retweets 25 likes
      1. New conversation
      2. Patrick McKenzie‏ @patio11 25 Feb 2016
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        Replying to @patio11

        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

        11 replies 1 retweet 8 likes
      3. Jarkko Laine @  🏡  😷‏ @jarkko 25 Feb 2016
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        Replying to @patio11

        Estonia had near-instant inter-bank transfers until the new SEPA rules made them slow down (while making other countries faster). @patio11

        0 replies 1 retweet 1 like
      4. End of conversation
      1. New conversation
      2. Chris Ashworth‏ @Chris_Ashworth 25 Feb 2016
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        Replying to @patio11

        @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*

        1 reply 0 retweets 1 like
      3. Chris Ashworth‏ @Chris_Ashworth 25 Feb 2016
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        Replying to @Chris_Ashworth

        @patio11 @PetrusLundqvist I had a room full of bankers waste an hour of my time before this was revealed; only youngest guy look embarrassed

        0 replies 0 retweets 1 like
      4. End of conversation
      1. Will Critchlow‏Verified account @willcritchlow 25 Feb 2016
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        Replying to @patio11

        @patio11 transfers already effectively instant in the UK in most cases. Don't know how (still lots of batch) but been true for few years

        0 replies 0 retweets 1 like
        Thanks. Twitter will use this to make your timeline better. Undo
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      1. New conversation
      2. Firas Durri‏ @firasd 25 Feb 2016
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        Replying to @patio11

        @patio11 interesting article on this: How Credit Cards Tax America http://priceonomics.com/how-credit-cards-tax-america/ …

        1 reply 0 retweets 0 likes
      3. Firas Durri‏ @firasd 25 Feb 2016
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        Replying to @firasd

        @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/ …

        0 replies 0 retweets 0 likes
      4. End of conversation
      1. Phil Dennis-Jordan‏ @pmjordan 25 Feb 2016
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        Replying to @patio11

        @patio11 I assume you mean "somewhere in America?" Because bank transfers in Europe take one workday in the worst case. Usually hours/mins.

        0 replies 0 retweets 0 likes
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      1. New conversation
      2. Kamil Choudhury‏ @kchoudhu 25 Feb 2016
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        Replying to @patio11

        @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.

        1 reply 0 retweets 0 likes
      3. Kamil Choudhury‏ @kchoudhu 25 Feb 2016
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        Replying to @kchoudhu

        @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 reply 0 retweets 0 likes
      4. 1 more reply

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