Diem – A rebrand of Facebook’s Libra

Re:Diem – A rebrand of Facebook’s Libra by tzs on Sunday December 06, 2020 @01:24PM (#25325377)

Zelle is owned by several major banks, and partnered with many other banks and credit unions. It is incorporated into most of their mobile apps and online banking websites.

From a user point of view, it doesn't look like an additional service.

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Re:Diem – A rebrand of Facebook’s Libra by pavlov on Sunday December 06, 2020 @02:12PM (#25325811)

I moved from Europe to US via UK, so I’ve experienced banking systems in Eurozone and GBP.

Zelle doesn’t feel as convenient as regular bank transfers in Europe or UK. Some problems I experienced:

- You have to sign up separately. There’s no guarantee a recipient has enabled it.

- It’s tied to an email address for some reason. (Euro/UK bank transfers just use the regular IBAN.)

- There was a long delay in receiving and sending money when one of the Zelle accounts was new. (My transaction was stuck for at least 24h in a “pending” state.)

- The daily transaction limits are very low. My NYC rent doesn’t fit even in two Zelle payments! (In Europe, the standard limit for an instant SEPA bank transfer is 100k, and it costs nearly nothing.)

For these reasons Zelle feels very unbaked, and doesn’t replace a proper interbank fast payment system like SEPA in Eurozone.

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