I assume those separate bank accounts have to be manually funded though? You need to confirm each direct debit transaction? That’s pretty neat. I assume you get a push notification?
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Replying to @thijsniks
Yeah. You need to put money in those bank accounts. They are essentially proper fully supported IBAN accounts. Yes, Bunq requires to confirm every transaction. You could say that is good but it also defeats the purpose of auto direct debit a bit. You indeed get an iOS push.
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Replying to @michiels @thijsniks
You can auto accept payments after the first time.. I think it’s good user protection though..
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Even better! What does that look like?
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Replying to @thijsniks @michiels
Works super well, you can even limit the amount so they can’t overdraft with the mandate.pic.twitter.com/piqyhWQ6C3
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That’s really cool! I guess the only additional value of using a virtual IBAN is that someone hacking into Netflix can’t use your account number
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Virtual IBANs (EU...) are still considered as an alternative for portability. BTW Most banks have options to limit the transaction value of a standing direct debit order. We even had that in Belgium before SEPA. Plus unconditional chargeback (for consumers), so risk-free.
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Replying to @joostmulder @thijsniks and
But it's another type of "virtual", thinking of it. The EU prefix IBANs would allow instant cross-border portability using a central database of ^pointers. Avoids problem seen with mobile number portability that every operator needs to have a db showing where their numbers went.
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Ooooh, I like that. Any proposal/documentation I can read?
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Consumer organisations have been pushing this idea for a while. Moonshot would be to have it in the European Commission's new retail finance strategy due 2021, which will be based on feedback to this consultation open until 26 June:https://ec.europa.eu/info/consultations/finance-2020-retail-payments-strategy_en …
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Oooh, sweet! I have a proposal to submit
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