The only reason apps like Venmo and Square exist is because the American banking system is broken and 3 to 4 decades behind other countries. That means payment solutions and crypto/DeFi that successfully solve problems typical of American banking might not work elsewhere.https://twitter.com/thijsniks/status/1228036438345703424 …
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What was eye opening was working for a large American bank (I worked on mobile SMB apps). The suggestion we’d look at other countries with a more modern banking system for inspiration was offending and eventually laughed away. And that’s why we can’t have nice things.
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Replying to @ronaldmannak
So sad. Mexico, for example, has great banking apps which are miles ahead of anything in the United States.
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Replying to @thijsniks
The bar is pretty low ;) the big problem remains inter banking payments. ACH and wires are ridiculously outdated, slow and unnecessary expensive.
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Yup. FedNow + IBAN could solve that. Looks like the former might happen, but the latter won’t.
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