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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 zaroth on Monday August 10, 2020 @10:03AM (#24109326)
Most country’s bank systems have a “receiving only” number which can be shared and then used by a 3rd party to directly enter an instant money transfer into the system.

Because America doesn’t have the equivalent of a “receive only” code, every service has to build that functionality themselves “on top of” ACH, and prevent direct access to ACH debit and credit functionality.

That being said, for $10/month any business can get direct access to ACH including debits and credits, and then whatever gateway you use is supposed to do some level of fraud detection against your transactions.

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Re:Fed announces details of new interbank service to support... by mehrdadn on Monday August 10, 2020 @03:58PM (#24113363)
A few days ago someone here point out the numbers aren't actually "receive-only" for IBANs either, but anyway, the point you're making is a separate point from the one being made here. If anything, it's the opposite -- it's arguing that the US system is too capable, rather than insufficiently capable.
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