littleoldlady
Member of DD Central
Running down all platforms due to age
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Post by littleoldlady on Aug 12, 2016 16:48:05 GMT
There is so much internet based bank fraud going on (over half of all crime) that it is essential that it is done properly rather than quickly IMO. My daughter's account was cleared out by some very persuasive and convincing rogues last month.
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boble
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Post by boble on Aug 13, 2016 11:38:00 GMT
There is so much internet based bank fraud going on (over half of all crime) that it is essential that it is done properly rather than quickly IMO. My daughter's account was cleared out by some very persuasive and convincing rogues last month. I agree that internet/bank fraud is a major problem, however, what I am asking, is that payments to SS are credited to our SS accounts in real time. Cash withdrawal from our SS accounts is a slightly different point. Most of us will be familiar with paying bills on line and that such payments show as credits to our account in real time. I am unclear why SS are unable to facilitate the same, particularly as this would benefit both investors and SS by improving liquidity on the SM.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 13, 2016 12:04:34 GMT
There is so much internet based bank fraud going on (over half of all crime) that it is essential that it is done properly rather than quickly IMO. My daughter's account was cleared out by some very persuasive and convincing rogues last month. I agree that internet/bank fraud is a major problem, however, what I am asking, is that payments to SS are credited to our SS accounts in real time. Cash withdrawal from our SS accounts is a slightly different point. Most of us will be familiar with paying bills on line and that such payments show as credits to our account in real time. I am unclear why SS are unable to facilitate the same, particularly as this would benefit both investors and SS by improving liquidity on the SM. ISTM That's because the companies receiving the payments have systems integrated with the banks. This is why they are listed separately under pay bill rather than make payment, otherwise you have to set up yourself and when the payment is credited depends on the receiver. I am not aware of any P2p platform that credits in real time. Leaving aside those who use a manual system, MT, CL, FS so are dependent on a member of staff watching the accounts, or those who use debit card systems, (technically not a realtime credit just a promise) AC (bigger player) have an automated system, which also took considerably time & effort to initiate, but that still isn't real time, checking accounts hourly, so only real time if payment made just prior to payment run. Im afraid it's just something we have to be patient with. Its only an issue in cases where people want to sell loans they only recently bought & need to resolve a negative balance quickly. Self inflicted.
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boble
Posts: 150
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Post by boble on Aug 13, 2016 12:51:56 GMT
I agree that internet/bank fraud is a major problem, however, what I am asking, is that payments to SS are credited to our SS accounts in real time. Cash withdrawal from our SS accounts is a slightly different point. Most of us will be familiar with paying bills on line and that such payments show as credits to our account in real time. I am unclear why SS are unable to facilitate the same, particularly as this would benefit both investors and SS by improving liquidity on the SM. ISTM That's because the companies receiving the payments have systems integrated with the banks. This is why they are listed separately under pay bill rather than make payment, otherwise you have to set up yourself and when the payment is credited depends on the receiver. I am not aware of any P2p platform that credits in real time. Leaving aside those who use a manual system, MT, CL, FS so are dependent on a member of staff watching the accounts, or those who use debit card systems, (technically not a realtime credit just a promise) AC (bigger player) have an automated system, which also took considerably time & effort to initiate, but that still isn't real time, checking accounts hourly, so only real time if payment made just prior to payment run. Im afraid it's just something we have to be patient with. Its only an issue in cases where people want to sell loans they only recently bought & need to resolve a negative balance quickly. Self inflicted. Thank you for the technical information. Agreed regarding "self inflicted", however, in the case of a new investor (or similar), my understanding is that if they wish to invest a further sum significantly in excess of their current total value of their account, they would be "stuck". Do you agree?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
Likes: 11,549
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Post by ilmoro on Aug 13, 2016 13:08:36 GMT
ISTM That's because the companies receiving the payments have systems integrated with the banks. This is why they are listed separately under pay bill rather than make payment, otherwise you have to set up yourself and when the payment is credited depends on the receiver. I am not aware of any P2p platform that credits in real time. Leaving aside those who use a manual system, MT, CL, FS so are dependent on a member of staff watching the accounts, or those who use debit card systems, (technically not a realtime credit just a promise) AC (bigger player) have an automated system, which also took considerably time & effort to initiate, but that still isn't real time, checking accounts hourly, so only real time if payment made just prior to payment run. Im afraid it's just something we have to be patient with. Its only an issue in cases where people want to sell loans they only recently bought & need to resolve a negative balance quickly. Self inflicted. Thank you for the technical information. Agreed regarding "self inflicted", however, in the case of a new investor (or similar), my understanding is that if they wish to invest a further sum significantly in excess of their current total value of their account, they would be "stuck". Do you agree? Yes, fair point. Unfortunately some people inevitably lose out when platforms have to introduce mechanisms to prevent others abusing the system which is why there are now limits on INPL/selling. I think SS deserve credit for trying to get this in place when bigger & more established platforms havent (true not a significant issue with their models but doesnt stop debates about payment timescales) I suspect the delay is probably the banks end. Not exactly known for their IT.
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