Re:Australia’s new real-time banking payments platform
by jacques_chester on Tuesday February 13, 2018 @07:12AM
(#16366513)
Some particular notes:
> Paper still required for most proof of identity/address etc.
Government requirement, the "100 point test". Introduced to cut down on money laundering. It also cuts down on a lot of other crimes. In Australia I used my credit cards for any old thing. In the US if I sneeze too loudly the bank freezes it and asks me to confirm the last dozen transactions.
> Wet signatures still considered king/stronger than other forms of identification. This has caused me issues as I barely ever need to sign and hence my signature is never consistent!
I never had this experience. PIN or ID for identity, signature for legal effect. Meanwhile in the US I sign for everything.
> Having to specify that you want a contactless debit/credit card - do people really not want contactless cards?
This might be specific to your bank. They marketed contactless heavily when it came, right after heavily marketing chip-and-PIN. Might have been an own-goal.
I'm told, anecdotally, that a lot of the UK's banking modernisation in the 90s was done by Australians who participated in Australia's banking modernisation in the 80s. Might not be true, but it sounds cool, so I'm going with it.
> Paper still required for most proof of identity/address etc.
Government requirement, the "100 point test". Introduced to cut down on money laundering. It also cuts down on a lot of other crimes. In Australia I used my credit cards for any old thing. In the US if I sneeze too loudly the bank freezes it and asks me to confirm the last dozen transactions.
> Wet signatures still considered king/stronger than other forms of identification. This has caused me issues as I barely ever need to sign and hence my signature is never consistent!
I never had this experience. PIN or ID for identity, signature for legal effect. Meanwhile in the US I sign for everything.
> Having to specify that you want a contactless debit/credit card - do people really not want contactless cards?
This might be specific to your bank. They marketed contactless heavily when it came, right after heavily marketing chip-and-PIN. Might have been an own-goal.
I'm told, anecdotally, that a lot of the UK's banking modernisation in the 90s was done by Australians who participated in Australia's banking modernisation in the 80s. Might not be true, but it sounds cool, so I'm going with it.