Re:FedNow FAQ
by Closi on Thursday August 18, 2022 @02:11PM
(#32513002)
> There is a constant need of OTP for every transaction. That
Not necessary - My UK bank (Monzo) allows FASTER payments without a OTP (the UK version of this that has been around for about 15 years) via their app.
You just sign into the app, put in the bank account number you are sending it to, sort code and recipients name, it verifies you with Face-ID then sends the cash.
Re:FedNow FAQ
by davchana on Thursday August 18, 2022 @03:32PM
(#32513894)
I awas replying in context of Indian people facing a constant stream of fraud, so I mean almost every money transfer transaction needs an OTP, which could be an SMS, or a number from grid on the back of the card, or from bank's own app.
Not necessary - My UK bank (Monzo) allows FASTER payments without a OTP (the UK version of this that has been around for about 15 years) via their app.
You just sign into the app, put in the bank account number you are sending it to, sort code and recipients name, it verifies you with Face-ID then sends the cash.