this post was submitted on 02 Sep 2025
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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.
I'm European and I feel like this is the last puzzle piece to eliminate any need for third party payment services. I want this.
Wero is slowly being rolled out in Germany and France (and maybe elsewhere). But not all banks support it yet.
It makes total sense, actually. You just have to look at it from the view point of a corporation - which often helps to make sense of our bullshit.
Our banking system is so antiquated because we have a plethora of third party payment processors whose entire business model is providing those modern features - for a small fee. Part of their profits get redirected to ~~bribing~~ lobbying Congress members to make sure things stay the same.
See also our fucked up tax filing situation.