Big Banks Will Vie For Your Attention With Cardless ATMs and VR 76
tedlistens writes In the year that bitcoin began to grow up and Apple Pay was born—and massive cyberattacks—the country's largest financial institutions want you to imagine themselves as incubators. Three of the big banks opened up innovation labs to imagine what's next in mobile banking; some are starting their own accelerators. Meanwhile, the latest research estimates that U.S. mobile payments, currently at $3.7 billion, will grow to $142 billion within five years. Now an industry not exactly known for speed is approaching 2015 with an ethos that sounds more Silicon Valley than Wall Street, touting visions of fridges that shop for you, Google Glass and Oculus Rifts, and the kind of futuristic security they hope will inspire consumers to trust them and their technology in the first place. I like that both a local book shop, and the coffeehouse nearest my house, have bitcoin kiosks.
an industry not exactly known for speed (Score:1)
Yet they were among the first to adopt computers back in the 1950s.
A little detail often overlooked by the rabid space fanbois.
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Get a new bank. My transfers are available to me immediately.
Re: an industry not exactly known for speed (Score:4, Informative)
Get a new bank. My transfers are available to me immediately.
It depends a lot on where you live. In America, a money transfer from one bank to another can take days to clear. In China, I am able to do it in seconds.
Re: an industry not exactly known for speed (Score:4, Interesting)
Get a new bank. My transfers are available to me immediately.
It depends a lot on where you live. In America, a money transfer from one bank to another can take days to clear. In China, I am able to do it in seconds.
In reality, the transfer probably clears immediately, but American banks are only required by law to make the funds available within a specific number of days, so they hold that money - probably to their financial benefit.
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I've had my dad try to transfer money from his USAA checkign account to my USAA checking account. We have the exact same main bank. Same building. And it has taken days.
You're like ".......really?"
There are no words.
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I can affirm that this is exact scenario is true for PNC in the USA too.
Depends on how you do it (Score:2)
In America, a money transfer from one bank to another can take days to clear
Generally only true if you write a check [wikipedia.org] which can take a few days to clear sometimes. Other methods of payment or funds transfer are considerably faster. ACH transfers take a few hours usually. Wire transfers are nearly instant.
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For the countries I've experienced, France is very slow (2-3 days) whilst the UK is 2 hours (usually instant) -- the regulator imposed it with fines if the payments are transferred late.
Enough public pressure on your representatives might do the trick...
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It takes days for transfers to go through. It's like going to a pharmacy and waiting a hour for some monkey to put 30 pills into a bottle.
No, it takes seconds for transfers to go through. It takes days for them to release the funds to you while they sit on the money and make interest.
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It takes days for transfers to go through. It's like going to a pharmacy and waiting a hour for some monkey to put 30 pills into a bottle.
No, it takes seconds for transfers to go through. It takes days for them to release the funds to you while they sit on the money and make interest.
Actually, the money sits in the reserve bank rather than in a private bank as the reserve bank has to vet all interbank transactions.
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It is because ACH is a file transfer from one bank, to the Fed, to another bank. Banks process in batch every night which produces a file, that file is uploaded to the Fed, the Fed give the file to another Bank, that Bank will process the file in the morning. If the timing is right, it can take a day - but if it is a weekend or if you submit the transfer after they have already produced the file for the day, then it could take two or three days.
The Federal Reserve is looking toward making everything same da
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Here in Australia I have found that its faster to go to an ATM of my bank, take money out and then go into a branch of the other guys bank with their account number and make a deposit into their account than it is to do a direct transfer via my internet banking.
Ridiculous...
Re:an industry not exactly known for speed (Score:5, Insightful)
Yet they were among the first to adopt computers back in the 1950s.
Actually, that is the problem. Because they adopted computers so early, they are now stuck with slow legacy systems. It is similar to the situation with phone companies: America used to have the best in the world, because of investments in computers and automation. But today we have one of the worst telecom systems, because we are stuck with outdated systems, while other countries computerized with much newer technology.
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How did this get modded 'insightful'? It appears the mods, like the poster, know nothing about computing. Banks are not using 'slow legacy systems'. The only thing 'legacy' about them is that they CAN (but do not NEED to) run old programs. Banks (large ones anyway) are running the most advanced hardware out there.
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Yet they were among the first to adopt computers back in the 1950s.
Actually, that is the problem. Because they adopted computers so early, they are now stuck with slow legacy systems. It is similar to the situation with phone companies: America used to have the best in the world, because of investments in computers and automation. But today we have one of the worst telecom systems, because we are stuck with outdated systems, while other countries computerized with much newer technology.
Are you telling me that these banks still use state of the art "Burroughs hardware and software"?
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Yet they were among the first to adopt computers back in the 1950s.
And they're still using the same ones.
Not known for speed? (Score:2)
Who do you suppose were the first businesses to use computers? Who were some of the first businesses with online presences?
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Yes, and Exxonmobil.
(I used to work there).
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"Who do you suppose were the first businesses to use computers?"
Not the banks! Actually a British chain of tea shops! https://en.wikipedia.org/wiki/J._Lyons_and_Co. [wikipedia.org]
https://en.wikipedia.org/wiki/LEO_(computer) [wikipedia.org] The LEO I (Lyons Electronic Office I) was the first computer used for commercial business applications. Overseen by Oliver Standingford, Raymond Thompson of J. Lyons and Co.and and David Caminer, modelled closely on the Cambridge EDSAC. LEO I ran its first business application in 1951. In 1954 Lyons
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It's not that quirky, in fact, it's a feature I rather miss. Back in my college days we had an IBM 1130. If you put a radio next to it you could hear it computing. The various sounds it made were a useful debugging tool. A steady tone meant your program was caught in a loop.
But the 1130 was an aggressively single-tasking machine. The instruction set was such that it was not possible to write multi-tasking code for it. I doubt that the radio trick would produce any meaningful sounds on a modern, multit
Hmm (Score:1)
Even though for most people the ROI on running their own Bitcoin mining hardware is in the past, it still fascinates me that I can make my own money and buy things with Bitcoin.
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It's like being your own little federal government.
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Except without the ability to designate a group to invent money out of thin air by lending it to your friend's wives with no-recourse loans. I mean, you can still do that but, you have to actually get the bitcoins first before you can give out those no-recourse loans and, in the end, only you lose out when they don't pay you back, since you had to actually have the bitcoins to lend out in the first place.
But other than that, yup exactly like it.
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When you mine bitcoins you're pulling them out of thin air.
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No you are pulling them out of an agreement protocol by its rules. It may not seem like an important difference to you but, it does mean you can't pull out more of them than the protocol allows for based on how much you have participated.
Even that however isn't the important part, the important part is that you can't just do it arbitrarily for arbitrary amounts.
If you wanted, say, to give 10 million dollars to your friend by loaning it to his wife in a no recourse loan (which is a very accurate description
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That doesn't change the fact that bitcoins come from nowhere.
There's rules that govern how USD are created. Just because you don't like them doesn't mean they're not being followed.
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Theres rules that govern how bitcoin are created as well. whether you like them or not, they are self-enforcing.
I never once claimed the rules, as they are for US currency were not followed.... the whole point of pointing out what they are is because people deserve to know how corrupt the rules that are followed really are.
Just because they are being followed, doesn't mean I have to like them; and I encourage others to learn about them and not like them either; because unless you are a billionaire, it reall
Re: Hmm (Score:2)
Re:Bitcoin Creation (Score:2)
Nope. They require a considerable amount of energy to create, that of all the mining rigs combined. The energy is used to update the transaction history (block chain). One of the transactions adds 25 new bitcoins to the history, but that event can't happen without finding a hash value for the block. Finding the hash value requires all the mining rigs to search for it, using energy.
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It comes from nowhere. The time it takes or energy invested in searching is as irrelevant as the effort needed to mine gold or the cloth and ink needed to print bills.
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Even though for most people the ROI on running their own Bitcoin mining hardware is in the past, it still fascinates me that I can make my own money and buy things with Bitcoin.
Dedicating capital and expending energy resulting in money. Is pretty much how we all make money.
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Except that in normal systems the size of the money supply adjusts to the size of the economy.
As you yourself observed this "normal" system is only a very recent "innovation".
With Bitcoin, there is no correlation between the amount of Bitcoin and the size of the economy and so the system is inherently unstable, just as gold-based currencies were.
Which makes bitcoin more or a throw-back to the "old normal" rather than anything new.
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As you yourself observed this "normal" system is only a very recent "innovation".
Yes, an innovation by learning from past mistakes.
Which makes bitcoin more or a throw-back to the "old normal" rather than anything new.
Indeed. Innovation involves making new mistakes, not repeating old ones.
quote from the article (Score:1)
"There’s still a lot of customers who don’t have debit cards..." Do these customers wait in line for a teller to withdraw cash? Why wait in line? Just go to the automated teller machine at the bank and withdraw cash. Most ATMs at the bank are outside the main business area and are also open 24 hours a day. Maybe I missed the explanation of why people don't have debit cards in the article.
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"There’s still a lot of customers who don’t have debit cards..." Do these customers wait in line for a teller to withdraw cash? Why wait in line? Just go to the automated teller machine at the bank and withdraw cash.
In all of the accounts I have held in the last 20 years, the Debit Card IS the ATM card. So if they don't have a Debit Card, they don't have an ATM card.
Error (Score:3)
The post says, " ... the latest research estimates that U.S. mobile payments, currently at $3.7 billion, will grow to $142 billion within five years."
The Forrester research piece linked says, in fact ...
Over the next five years, US mobile payments will grow from $52 billion in 2014 to $142 billion by 2019 with both national brands and local merchants.
I like that they don't (Score:2)
I like that both a local book shop, and the coffeehouse nearest my house, have bitcoin kiosks.
I like that none of the shops I frequent don't have them.
How does it impact what banks are doing that the little book store and coffee shop near your house have a bitcoin kiosk? There is a shop near by where I work that will gladly barter with me over various other things I can bring in for trade or sale, big deal. There is a casino nearby too that now has slot machines that will dispense and accept tickets but no one cares other than the slot players who no longer have to lug around 50 lbs of nickles.
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"none of the shops I frequent don't have them." Does this mean all of the shops you frequent have them?
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"none of the shops I frequent don't have them." Does this mean all of the shops you frequent have them?
I'm pretty sure that's exactly what he meant. Also, Grammar Nazi says that "none" is singular, so the quote should have read "none of the shops I frequent doesn't have them".
Kitche/Home computer (Score:1)
Mobile payments (Score:2)
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Way to not read the article. "Mobile payments" has nothing to do with the carriers - their billing systems are not involved. Proper systems like Apple Pay and Google Wallet (and anything similar to them) are effectively just virtual credit cards.
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Never ever link a credit card or a bank account to a mobile phone. Not until they are subject to the same rules and regulations as the banks and the Credit Card companies.
Amen, brother. As an illustration of the problem, look at the ongoing issue with "slamming," where a shady company somehow gets ahold of your phone number and tells, er lies to, the phone company that you signed up for some dubious "information service." Shady operator collects fees, and can effectively intimidate customers because they stand on top of massive carrier billing and collections machine.
I will never, ever link any payment to my phone bill.
Where is that, I am moving there.... (Score:1)
Where do you live that the CoffeHouse and bookstore have bitCoin Kiosks??????
Big Banks (Score:1)
Banks innovate? (Score:1)
Bitcoins?? (Score:1)