HN Gopher Feed (2017-08-25) - page 1 of 10
Same day ACH: moving payments faster in the USA
30 points by fanf2https://www.nacha.org/rules/same-day-ach-moving-payments-faster-...
hbcondo714 - 32 minutes ago
So what exactly makes this same day? Is it because there will be
"two additional clearing windows"?
ryanworl - 27 minutes ago
That's part of it, but the mandate effective in March 2018 is
also part of the "same day" speed.https://www.nacha.org/rules
hbcondo714 - 5 minutes ago
Thanks, I was just reading the parent link to part 2. Makes
sense they are making lower-risk / more trusted transactions
faster, similar to remittance companies already.
MiddleEndian - 24 minutes ago
It's a sadistic joke that it's so hard to transfer money from one
person to another (at least here in the US). The fact that it even
takes more than an hour is absurd.
pbrb - 22 minutes ago
Same day??? Check out Ripple... 2 seconds, from anywhere in the
brucephillips - 9 minutes ago
Or, you know, Paypal.
heheocoenev - 7 minutes ago
Paypal doesn't serve many countries. Has high fees. Can
arbitrarily lock you away from funds or freeze accounts.
Censors Transactions. Banking law does not apply as they are a
transmitter, not a bank. Many many reasons not to PayPal.
brucephillips - 2 minutes ago
If you look into the reason for each of those constraints,
you'll find that any cryptocurrency exchange will eventually
have to face the same challenges.I think it was Hector-Garcia
Molina who used to talk about how NoSQL proponents were so
excited about the scale benefits, but just hadn't yet
realized that they need ACID. That's who cryptocurrency
advocates remind me of. Just because some features are
superior currently, doesn't mean those features are
consistent with future, inevitable constraints.
pbrb - 4 minutes ago
Paypal has nothing to do with ACH or cash settlement. Totally
brucephillips - 1 minutes ago
Neither does Ripple, which is the technology in question in
aioprisan - 10 minutes ago
I can't believe how behind the US still is compared to the rest of
horsecaptin - 10 minutes ago
Bitcoin is putting pressure on banks to wise up.