News for hackers. Stuff that matters.

A comment on Square obtains NY State cryptocurrency license. Parent comment

Re:Square obtains NY State cryptocurrency license by raverbashing on Monday June 18, 2018 @04:15PM (#17341327)
> SFTP whitelisted to specific IPs. A fixed width GPG encrypted file.

Which is not part of the ACH spec... though I agree it is a good implementation

In other parts of the world you can transfer between accounts in almost real time, nobody uses checks anymore for rents or interpersonal transfers or intercompany money transfers.

Meanwhile the US still uses checks. ACH is jurassic.

[ Parent | on HN ]
Re:Square obtains NY State cryptocurrency license by JumpCrisscross on Monday June 18, 2018 @05:30PM (#17341848)
> In other parts of the world you can transfer between accounts in almost real time

Real-time transfers under $5,000 are free between most American banks. For real-time irreversible transfers up to any amount, the Fedwire system is available. Most banks let large account holders send and receive domestic wires for free. ACH is used for low-cost, gross-settled transfers--it is the cheap, reversible option.

This myth of slow, expensive bank transfers dies slowly.

[ Parent | on HN ]