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Comment by monkeydust | Hacker News Reader

Reminded me of UK Faster Payments which I use frequently to send money around at zero cost and typically reaches destination in a minute at zero cost to either side. Only works with a dozen or so banks in the UK.

https://www.hsbc.co.uk/current-accounts/what-is-faster-payme...

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Those dozen banks cover about 99.99% of people who have a UK bank account, so in practice, sending money to other people in the UK is free and instant.

Australia too with PayID/Osko

Singapore as well with PayNow. I think at this point, a lot of countries have free, instant bank transfers. It’s not the future of money, it’s the present of money.

In Brazil, you can send money to individuals, businesses, government entities... essentially anyone with a bank account, and for free. And the transaction doesn’t take minutes, it takes seconds.

It takes seconds in the uk too, a minute is just hedging as in some cases it could take longer but this is rare.

Right, but only to a bank account with bank account details. You can't send money to a phone number, QR code (temporary or persistent), CPF, email address, etc.

Pix isn't really comparable to SEPA Instant or Faster Payments, and the adoption rate shows it.

> instant

is a very generous word to describe banking websites and apps!

Sending a payment to a new person with Santander is going to take at least 5 minutes and 3 round-trips through SMS 2FA.

Sending money with my bank takes less than a second to most other banks. Face ID is used to secure it.

Instant seems a good description.

Well that's due to the bank being liable for people falling for scams, sadly as long as the banks have to pay for people's mistakes they will have to do this no matter the payment method.

Does not take anything like that with Lloyds, or TSB, nor do transfers from Wise or anything else I have used.

That’s a reflection on the bank’s poor design choices and not on FPS. See Starling and Monzo for examples of doing this right.

45 banks and payment providers are in the system: https://www.wearepay.uk/participants-list/

Most, if not all, of the rest (such as smaller building societies) will take part indirectly through an account with one of the participants.

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