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A comment on Why it's taking so long for Americans to get payments instantly. Parent comment

Re:Why it's taking so long for Americans to get payments ins... by mixmastamyk on Sunday December 17, 2023 @06:48PM (#38677618)
As mentioned you’re one of the folks who doesn’t understand there are at least two types of transactions in banking, reversible and non. One gives advantage to the seller and other the buyer. No one-size-fits-all and still quick type.
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Re:Why it's taking so long for Americans to get payments ins... by satvikpendem on Sunday December 17, 2023 @08:54PM (#38678442)
Why can't they both be reversible?
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Re:Why it's taking so long for Americans to get payments ins... by mixmastamyk on Sunday December 17, 2023 @10:20PM (#38678897)
Because the seller doesn’t want it to be and won’t proceed with the transaction if it is.

Imagine you’ve sold a car, the buyer drives off and later reverses the payment.

For very large transactions we have escrow—but isn’t quick by design.

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Re:Why it's taking so long for Americans to get payments ins... by astrange on Sunday December 17, 2023 @11:19PM (#38679205)
There's no such thing as an unreversible transaction. There's merely transactions they don't want to reverse, which means you may have to go to court first, but you can still get the other side to send it back if you win.
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Re:Why it's taking so long for Americans to get payments ins... by mixmastamyk on Sunday December 17, 2023 @11:42PM (#38679317)
You could lose the case or the other party could disappear. This happens in almost every fraud case, i.e. very frequently.

A new potential court-ordered opposite transaction is not what people think of when they hear reversible.

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Re:Why it's taking so long for Americans to get payments ins... by astrange on Monday December 18, 2023 @05:59PM (#38689597)
It's just a credit and a debit whenever it is. A reversal before it settles isn't actually much more real.
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Re:Why it's taking so long for Americans to get payments ins... by fragmede on Monday December 18, 2023 @04:26AM (#38680638)
tell that to the victims of wire fraud. they wire their savings to the scammers number, and then can't get it back, or at least, not all of it. Even after a court case.
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Re:Why it's taking so long for Americans to get payments ins... by keep_reading on Monday December 18, 2023 @05:48PM (#38689509)
If the other end of the wire is a bank in the USA they certainly can get it back. It's only when the money has left the country that you're in real trouble
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Re:Why it's taking so long for Americans to get payments ins... by mixmastamyk on Monday December 18, 2023 @05:56PM (#38689564)
When the money leaves the account, i.e. immediately in fraud cases.
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Re:Why it's taking so long for Americans to get payments ins... by fragmede on Friday December 22, 2023 @08:04PM (#38740653)
To be clear, it's safe to assume the money's left the country in instances of wire fraud.
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