this post was submitted on 09 Oct 2023
73 points (86.9% liked)
Asklemmy
43892 readers
994 users here now
A loosely moderated place to ask open-ended questions
If your post meets the following criteria, it's welcome here!
- Open-ended question
- Not offensive: at this point, we do not have the bandwidth to moderate overtly political discussions. Assume best intent and be excellent to each other.
- Not regarding using or support for Lemmy: context, see the list of support communities and tools for finding communities below
- Not ad nauseam inducing: please make sure it is a question that would be new to most members
- An actual topic of discussion
Looking for support?
Looking for a community?
- Lemmyverse: community search
- sub.rehab: maps old subreddits to fediverse options, marks official as such
- !lemmy411@lemmy.ca: a community for finding communities
~Icon~ ~by~ ~@Double_A@discuss.tchncs.de~
founded 5 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
They might mean instant bank transfers, like OSKO in Australia. Google tells me a service called FedNow is available through 35 banks as of July this year which supports instant bank transfers.
Bingo. It's wild to me to hear other countries doing tons of their payments via apps. US is 10 years behind the rest of the world on that.
We have things like Venmo and cashapp that approximate the same thing, but in the end it's just the same ACH transfers the banking industry has used for 30 years and takes days to process. The apps just hide that behind the scenes. FedNow actually means instant and 24/6 (still doesn't run on Sunday, if I recall correctly).
OSKO is even better than payment apps. Basically every bank offers is as a payment method option (if not the default) for any transfer, at 0 cost. They're also implementing a new system to replace direct debits, to add more consumer protection and control to the recurring billing market.
Oh man I could really go on about how terrible US banking is. It’s a shitshow.
It takes me a week to pull funds via ACH from a personal checking account to a business checking account; all because I can’t “push” the funds because there’s an HTTP 500 from their REST API when I try to switch my “funding” account from the personal checking account.
So much of my life revolves around ACH and I don’t even want to know how much of my life I’ve wasted on it. Half the time I use Cash App and the credit network to move funds instantly because these idiots at NACHA can’t figure out what anything beyond COBOL is.