an entire bullshit industry built around processing payment transactions between two parties that exists solely because the financial institutions that already do this work, namely banks and credit unions, continue to use the oldest, least capable systems for handling bank transfers possible while they turn around and underwrite the IPOs of these shit companies. fucking rackets everywhere. and I cannot stand tennis goddammit!
y'know how oauth lets you go to a site, say "yeah, my auth info is handled by foo dot org" and then it hands you off to foo dot org to get authed and bring back a token proving you're you that the original site can verify from their end by asking foo dot org about it?
that could be banking, but the banks don't want you to have things that easy. far too few opportunities for them to extract monies from the transactions if it's smooth sailing.
@djsundog For what it's worth, I have it on good authority from colleagues who have had the (ahem) pleasure of working with banks and their systems that the interoperability problems are less "we want to extract money" and more "bank transfers are FTPSing over a poorly-formatted CSV nightly because that's what the System/360 behind everything generates/expects".
@aschmitz I mean yeah, that's for sure a root cause, but there have to be reasons they haven't invested any of their enormous industry-wide profits over the last twenty years in a replacement for the decrepit clearinghouse systems behind all this shittery
@djsundog Yeah, that's fair too, but the answer over the past few decades has been that in practice nobody has been asking them to, and there wasn't a good way to get account information around. (And of course the check system allows anyone with your account number to take as much money from you as they want, so you either have to give everyone two account numbers or make accounts support checks xor easy payments.)
@djsundog Huh. Zelle itself doesn't charge fees to users, and none of the banks I've used charge fees, but it sounds like some might? 😠
@aschmitz yeah, it's another bit that's unevenly distributed - there are some pseudo-banks that offer it, but for a fee, or that offer similar things that are theirs and fee-based, and it gets worse the farther down the tiers of consumer banking and banking-like products available. I've got one account I can photo deposit a check and have access to it within three minutes for no fee; another account wants 1% of the face value of the check if I want access to the funds faster than three days. the long tail of squeezing those with the least to spare is kinda tradition at this point.
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