Comments on: The payments impasse http://blogs.reuters.com/felix-salmon/2014/01/06/the-payments-impasse/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: sphaerenklang http://blogs.reuters.com/felix-salmon/2014/01/06/the-payments-impasse/comment-page-1/#comment-49191 Sat, 08 Feb 2014 18:20:41 +0000 https://blogs.reuters.com/felix-salmon/?p=22963#comment-49191 Here in Germany people have used direct, cost-free bank transfers for decades – slow but fully protected by law – now we have ‘Sofortüberweisung’, aka instant internet transfer, that confirms a payment will be made within seconds – even across EU national borders. German banks have their own problems but letting customers transfer money is not one of them.

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By: Woltmann http://blogs.reuters.com/felix-salmon/2014/01/06/the-payments-impasse/comment-page-1/#comment-48978 Wed, 08 Jan 2014 03:58:45 +0000 https://blogs.reuters.com/felix-salmon/?p=22963#comment-48978 Who would deny Jamie D his curly locks or majestic wiggle down by the Dept of Geithner to let the boys know who is really running things? Costs $ to rig this ship ..

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By: crocodilechuck http://blogs.reuters.com/felix-salmon/2014/01/06/the-payments-impasse/comment-page-1/#comment-48977 Tue, 07 Jan 2014 22:52:10 +0000 https://blogs.reuters.com/felix-salmon/?p=22963#comment-48977 Felix

Much the same Down Under. ‘Me and my bank online’ was a joint initiative of the Big Four banks to issue individuals with biller numbers to facilitate the creation of a single identity for online payments, meaning that it wouldn’t matter if a customer moved banks or changed account numbers in the future: http://www.zdnet.com/bpay-cancels-mambo- project-1339321220/

The Reserve Bank here (Fed equivalent, but not owned [explicity!] by the banks themselves) actually has a ‘Payment Systems Board’. It chose not to get involved [let alone campaign for change], and the project died on the vine.

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By: skeptonomist2 http://blogs.reuters.com/felix-salmon/2014/01/06/the-payments-impasse/comment-page-1/#comment-48974 Tue, 07 Jan 2014 19:41:44 +0000 https://blogs.reuters.com/felix-salmon/?p=22963#comment-48974 The government – not necessarily the Fed as presently constituted – should do credit “cards”. Do we still have local banks issuing their own scrip? No, the government is supposed to handle money and now plastic is money. Or actually money is not even plastic – I guess it’s electrons. The idea that payment has to be carried out in such a way as to give banks a huge cut of every transaction is absurd, even ignoring the fact that it is preventing establishment of a really efficient payment system.

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By: skeptonomist2 http://blogs.reuters.com/felix-salmon/2014/01/06/the-payments-impasse/comment-page-1/#comment-48973 Tue, 07 Jan 2014 19:41:10 +0000 https://blogs.reuters.com/felix-salmon/?p=22963#comment-48973 The government – not necessarily the Fed as presently constituted – should do credit “cards”. Do we still have local banks issuing their own scrip? No, the government is supposed to handle money and now plastic is money. Or actually money is not even plastic – I guess it’s electrons. The idea that payment has to be carried out in such a way as to give banks a huge cut of every transaction is absurd, even ignoring the fact that it is preventing establishment of a really efficient payment system.

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By: Urban_Guerilla http://blogs.reuters.com/felix-salmon/2014/01/06/the-payments-impasse/comment-page-1/#comment-48971 Tue, 07 Jan 2014 10:44:50 +0000 https://blogs.reuters.com/felix-salmon/?p=22963#comment-48971 If anyone was wondering about the Renminbi replacing the dollar, just think about how the PBOC might deal with this issue.

It’s like rack and pinion steering all over again.

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By: y2kurtus1 http://blogs.reuters.com/felix-salmon/2014/01/06/the-payments-impasse/comment-page-1/#comment-48968 Tue, 07 Jan 2014 04:28:02 +0000 https://blogs.reuters.com/felix-salmon/?p=22963#comment-48968 “The Fed is a bit like a hippy parent: it doesn’t want to force anything on its charges, it wants them to change on their own.”

Well then god bless hippies… I switched over all my lightbulbs to CFL’s despite the upfront expense, the flickering, the dangerous heavy metals. I did it because I thought it was a good investment in the long run (it helped that my state offered like a 75% upfront subsidy.) I’ll probably switch again to LED’s in 2014.

Despite my willingness to adopt a new technology to save both money and emissions… I get pretty uneasy when the government “helps” me make my decision.

http://money.cnn.com/2013/12/13/news/eco nomy/light-bulb-ban/index.html

Keep the payments topic alive Felix… good stuff!

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By: OneOfTheSheep http://blogs.reuters.com/felix-salmon/2014/01/06/the-payments-impasse/comment-page-1/#comment-48966 Tue, 07 Jan 2014 04:04:37 +0000 https://blogs.reuters.com/felix-salmon/?p=22963#comment-48966 PayPal already allows transactions between an individual and a vendor without the vendor needing to have the complete credit card number of the purchaser (and attendant risks such as the Target data breach), presumably with the blessing of the banking system.

Web BillPay allows an individual or business to schedule a payment from a specific bank account at a specified future date for a specific one-time amount to another individual or business.

In a manner of speaking, how are such electronic payments, which are free, different from a bank’s “wired payment” in either form or function excepting rapidity?

Banks already have our checking transactions available for download, and it is possible to download similar Web BillPay data (but not for further back than six months, and such information does NOT contain payee information).

Since consumers cannot FORCE WebBillpay (which almost ALL banks use) or Paypal to record all transaction archive data necessary to be compatible with existing bank data downloads (such that these can be separately uploaded into a database for tax preparation as compatible “captured keystrokes”, perhaps one of those who code new applications can come up with one designed for such process?

The way to success is supposed to be “find a need and fill it”!

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By: MyLord http://blogs.reuters.com/felix-salmon/2014/01/06/the-payments-impasse/comment-page-1/#comment-48964 Tue, 07 Jan 2014 00:17:11 +0000 https://blogs.reuters.com/felix-salmon/?p=22963#comment-48964 Are you so sure it doesn’t represent systemic risk? I would think it is a security risk and that may be the motivation for them to act. (Time is probably less important than security and ubiquity, perhaps an underlying system the others are all built on.)

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