This is everything now lol. Impossible to move people off existing platforms because of choice overload. I feel this is why linux gets held up too, 6000 distros to choose makes it hard vs "its windoze I use nao"
this post was submitted on 02 Sep 2025
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Mfw the rest of the world just has bank transfers
nearly every bank in the US uses Zelle which lets you send money to another persons account with no fees, just using their phone number. for some reason people just prefer to use stupid shit like venmo.
But it's a fucking 3rd party app that skims. Nothing in the USA is just straight forward. There's always someone making a buck off of your service.
Saunt Neal Stephenson predicted this and so it has come to pass.
most banks have zelle built into their own app. yeah zelle charges the bank a fee when you use it, but typically you aren't paying any, unless you use a really shitty bank.
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Nearly....but some don't. And that is the problem. Other countries have bank transfer figured out and not dependent on voluntary adoption from a 3rd party service. I was very surprised when I learned how behind the US is on banking, even compared with some "3rd word" countries.
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Working at Walgreens the amount of fuckers with apparently tons of money needing to load their chime or cashapp is fucking insane. Like do you dumbfucks not have bank accounts.
By their appearance I am convinced its all drug addicts or drug dealers. But it is insane. I only thought cashapp was kids or I have used it for Facebook market.
It just shocks me the amount of people using these things as their main source of storing money. Like my ex who uses Paypal.
Probably not true for ALL of them but there's plenty of people who can't open bank accounts. People with bad credit/overdrafts, criminal history for fraud, undocumented immigrants, the homeless, etc
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Right, I'd just get their account number and sort code, and can transfer securely for free, normally immediately or at least within 2 hours if their bank also uses SWIFT, which they all do.
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Actual question: why don't Americans just transfer money using a normal baning app? I just have to open the app of my bank. Enter the IBAN, name and amount, confirm and the money will be sent pretty fast. No need for either party to use any third party app.
We don’t have IBAN. Worse, we have routing and account numbers that CAN be used for an ACH transfer but many banks are disabling this functionality on personal accounts because people kept falling for scams.
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American banks use ACH, and requires both a routing number (a bank identifier) and the account number.
But theres a reason to prefer a transaction service over direct ACH. And that is settlement time. A service like zelle, the transaction is done in real time as in the money will appear in your account within an hour. But ACH does batch settlements, and that can take up to 3 days (though its ussually a day) before the money appears in your account.
There's also the issue that every check you've sent has enough information on it to do an ACH. There's no way to verify unless you're in person at the bank.
Transaction services at the very least try to verify you're who you are.
Europe manages it instantly, or in rare cases that I've never seen in under 10 seconds. Honestly, three days is sad, its 2025, do they print it and put the boxes on a plane?
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This is madness. Im Australian banking with CBA (a popular bank) and I can send 20k to my mum's bank account at ANZ (another big bank) and she receives it in her account in 30 seconds or less.
We even have a thing called PayID which links your account deets to a mobile number or email address, and so if I go out to dinner with friends and we want to split the bill, I just tell them to PayID my mobile number and I get it within 30 seconds, no 3rd party FinTech required.
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Floorp is actually my browser of choice, it’s kind of like the Vivaldi of firefox
I accidentally floorped my underwear the other day when I sneezed too hard.
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Too bad there's never been some sort of federated infrastructure for managing monetary transactions. It would be an awesome thing if it existed, and people definitely wouldn't just naively bandwagon against it and simply call it a scam if it did.
Heh, while crypto itself isn't federated like email, the means of running it is. Lots of seperate people/orgs running blockchain ledgers.
Unfortunately, it's more or less a persistent pyramid scam that we're just riding around on the currents of... But I'm not sure that national currency is that far off that description either. We're riding on the ripples from the oligarchs in power.
There is, it's called SEPA instant payment, and every single bank uses it. The tiny catch is that you have to be in Europe for it.
Also called payid. Instant payment, every single bank supports it, can register your phone number, email address, business number to your account so anyone with one of the Jose details can pay you. Tiny catch is you have to be in Australia
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I'm harping on my friends to set up autodeposit. There is no reason to manually accept money, just let people give you money when they want.
If you need to log in, it's because you are giving somebody money. Way harder for people to scam if that's the case for everybody.
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How much of this stuff is made up? I know Venmo is real, but a lot of the rest sounds like parody names.
Parody names drive more engagement than serious ones, so even real things are given parody names now
Everything after Zelle is made up
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I hope this isn’t advocating for consolidation or a duopoly in the fintech space.
It best be advocating for interoperable standards that are not controlled and profited from by a limited number of rent seeking corporations.
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