Re:Inside ACH Payments with Stripe and Plaid
by mrweasel on Saturday June 04, 2016 @02:47AM
(#11835271)
>direct person-to-person transfer via account number. Any bank to any bank,
The US doesn't have that? I can't transfer money to you, even if I have your bank account number? How are people expected to transfer money to each other then?
Re:Inside ACH Payments with Stripe and Plaid
by raverbashing on Saturday June 04, 2016 @04:36AM
(#11835534)
Cheques! Or Paypal kind of stuff
Yes, it's ridiculous
Re:Inside ACH Payments with Stripe and Plaid
by abverma on Saturday June 04, 2016 @05:21AM
(#11835645)
I don't understand this. You can't transfer money to another person from your bank account?
In India we have IMPS (sort of an instant transfer) which takes less than a second and costs Rs. 5 at a private bank (free at a public sector one).
I've been to Australia and transferring money to another account with the same bank requires just a mobile number.
After leaving the US, I realized how terribly behind our banking system is compared to every other country in the world. Most of the EU, Australia, NZ all have direct person-to-person transfer via account number. Any bank to any bank, via web or phone app. Germany and other EU nations go further and offer TAN numbers (1-time use numbers, sorta-2-factor, but not really).
The US ACH system is absolutely terrible. The Federal Reserve need a supplemental system with 1-directional person-to-person transfer numbers. Our tax numbers also need to stop being used as a secret. No other country does that.