pjg · HackerTrans

vor 6 Tagendiscuss

One of the reasons why legacy apps continue to live on (despite outliving their usefulness ) is third party tie-ins.

The reason most companies are reluctant to switch from slack is because they have external third parties i.e. their partners connected with external channels within slack. Changing their internal DM/IM system will remove their ability to communicate with their partners in the same system.

Perhaps a plugin where slack messages can be forwarded to Chatto and eventually bi-directional i.e. Chatto messages can be forwarded to Slack.

pjg

vor 19 Tagendiscuss

I interacted with Om a few times. Genuinely good soul. I met him a while back - about ~15 years or so. In spite of his busy schedule he took time out to speak with me. Gave me some valuable tips on startup world. I don't say this about a lot of people but the world is less of a place without Om. You were way too young to leave us Om. I will miss you.

Sidenote: In the heydays i.e. about 15-20 years back or so Techcrunch and GigaOm were competitors. Techcrunch was founded by Michael Arrington, known for his brusque and no holds barred blogs and barbs. He would roast his competitors alive, if he could. Well, all except Om. For Om, Micheal had nothing but praise.

pjg

vor 2 Monatendiscuss

There is nothing preventing PIX from going global (just like VISA/MC). If you look at the history of domestic systems e.g. China Unipay, India UPI/Rupay, Japan JCB they started off as local systems and went global.

Japan JCB is Internationally accepted. China Unipay is also considerably "international" i.e. internationally accepted and India's UPI/Rupay card is adding new countries at a fast clip. The reason most people "don't know" whether they can pay with China Unipay or India's Rupay is because they are not advertised with the same logos as VISA/MC on acceptance sites.

However both China Unipay and India's Rupay through their partnership with Discover Card (now owned by CapitalOne ) are accepted anywhere Discover card is accepted

The place where these "domestic" systems haven't quite measured up to VISA/MC is the issuing side i.e. the entities controlling these systems currently do not allow foreign banks to issue cards with their logos or use their network to settle the transactions. If you're in the US, you may not get a Unipay or Rupay card from a local bank. There are multiple reasons for that, some strategic some political.

It will be interesting to see how they evolve over time. In spite of the exponential rise of PIX , UPI and Unipay, VISA and MC themselves have been doing remarkably well in the past 10-20 years. Unlikely either of them will go belly up.

pjg

vor 2 Monatendiscuss

It is delightful to see PIX's exponential growth. It was preceded by India's UPI and borrowed heavily from it Here's a paper describing the experience: https://www.braziliankeynesianreview.org/BKR/article/view/33...

pjg

vor 3 Jahrendiscuss

Zelle has many limitations:

1) The recipient needs to download the app and sign up. How does the Payor know whether the recipient has Zelle app or not

2) Even with the app, there are only about 50-100 banks that allow Zelle transfers. If someone's bank does not offer Zelle they are directed to enter their Debit Card number using "Push to Card" to receive the funds. While the funds land up in the bank account instantly either way, some Debit Cards have limitations and will not be enabled to receive funds

3) Zelle is essentially a "messaging layer" i.e. the actual settlement happens overnight using ACH rails. As a result the sending as well as the receiving bank are taking some risk in terms of allow the recipient to withdraw money when the underlying settlement hasn't happened. If the settlement fails the receiver's bank will need to claw bank the money from the receiver As a result there are some really low limits on daily transfers i.e. between 1-2K/day for most banks

4) Above all Zelle (like most other payment rails ) is a push system i.e. one can push money using Zelle. One may not pull money using Zelle

pjg

vor 3 Jahrendiscuss

RFP i.e. Request for Payment is not part of this release. Furthermore there is no ETA from the Fed as to the release date for RFP.

Currently FedNow is simply a push payment system i.e. bank account holder may be able to use FedNow to push money out from their bank account to someone else's bank account.

The limitation here is the bank account holder must know the account number of the recipient. This is a huge limiter in adoption since most people don't want to share their bank account numbers and maintaining a directory of people's bank account numbers is cumbersome to say the least

Yes, the Fed is working on a directory but they have not yet announced the launch date for such a directory, not have they mentioned the index i.e. will it be phone number ? email ? something else ?

Bottom line: FedNow launch: Step in the right direction but still a long way to go

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