Fed Opens Service That Dramatically Speeds Up U.S. Payments

Re:Fed Opens Service That Dramatically Speeds Up U.S. Payments by ishanjain28 on Thursday July 20, 2023 @01:04PM (#36803448)

Do they have a simpler use id like india's upi?(userHandle@bankHandle)

In the demos I watched, There is account number and routing number

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Re:Fed Opens Service That Dramatically Speeds Up U.S. Payments by mixmastamyk on Thursday July 20, 2023 @01:54PM (#36804161)

Address book and search can help with that. Worked in NZ anyway.

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Re:Fed Opens Service That Dramatically Speeds Up U.S. Payments by ishanjain28 on Thursday July 20, 2023 @02:19PM (#36804484)

well yes but the addressing scheme we use here is so much simpler. I hope they incorporate it at some point

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Re:Fed Opens Service That Dramatically Speeds Up U.S. Payments by mixmastamyk on Thursday July 20, 2023 @02:56PM (#36805093)

Hmm, may be biased but don’t feel email address format for bank accounts is a big win. Seems to confuse rather than simplify.

On the other hand routing plus account number is kinda long.

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Re:Fed Opens Service That Dramatically Speeds Up U.S. Payments by ishanjain28 on Thursday July 20, 2023 @03:24PM (#36805462)

I think you should try it before forming this opinion. I think you'll change your mind :)

My UPI handle is just my HN handle@upi. I can link this to any of my bank accounts(and change the account it's linked to in seconds) and any one can send me money with this. It's easy to spell out on phone and most of my friends/family/... remember it now so I don't have to tell them where to send money.

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Re:Fed Opens Service That Dramatically Speeds Up U.S. Payments by isignal on Thursday July 20, 2023 @03:26PM (#36805482)

Yes, that part is unfortunate. It requires full routing number and account number. Maybe the phone number to account number mapping might be seen as a privacy risk in USA.

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