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A comment on Fed announces details of new interbank service to support instant payments. Parent comment

Re:Fed announces details of new interbank service to support... by usr1106 on Monday August 10, 2020 @03:25AM (#24106521)
SEPA instant started November 2017. I have 3 banks in 2 SEPA countries, none of them is participating. Not that I would need it, because SEPA transfers which are "free", mandatorily offered by every bank and take only 1 banking day. But there could be use cases for instantaneously.

https://www.europeanpaymentscouncil.eu/what-we-do/sepa-insta...

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Re:Fed announces details of new interbank service to support... by boruto on Monday August 10, 2020 @03:54AM (#24106679)
Not until 2019 did central banks started to ask banks to implement SEPA instant.

Normal SEPA does not work in weekends just like ACH even though the core process is moving XML files to an shared FTP server.

SEPA instant could be starting point for mobile based payments in Eurozone which is currently not present in anyway.

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Re:Fed announces details of new interbank service to support... by antihero on Monday August 10, 2020 @05:27AM (#24107229)
A whole day? That's absolute madness. Why does it take a day when money is electronic and nothing has to physically move?
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Re:Fed announces details of new interbank service to support... by boruto on Monday August 10, 2020 @05:37AM (#24107283)
The basic working is this,

you give a SEPA transfer order to your bank in the afternoon.

Your bank consolidates all the transfers for the day in a big XML file and puts it in an ftp server in the evening.

Bundesbank pull it from there and puts the XML file in other banks ftp server.

Other bank pull it from there and completes the transaction.

In case the account does not exist or something happens the whole thing has to happen again to get your money back.

This is similar to BACS in UK.

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Re:Fed announces details of new interbank service to support... by antihero on Monday August 10, 2020 @06:14AM (#24107515)
Man the EU really needs to mandate compliance with SEPA Instant. Quite tragic that three years later and customers are still waiting on batch processes. FPS really is lush.
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