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AggieOG

When paying my American Express bill....I've noticed that...

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These things may just be coincidence, but for the last several years, whenever I would make an American Express Card payment from my Chase or Wells Fargo accounts, it would take 2 or 3 days before it would show up on my bank account.

I've noticed in the last few months that when I make a payment in the morning using Chase or Wells Fargo, the payment will show on my bank account within a few hours; first thing the next morning at the very latest.

Is it possible this is xCurrent?  I've been an XRP believer for some time, so I understand it may be me just "wanting" to see it being xCurrent (and eventually xRapid)....but to actually notice the speed of the settlement going from 3 days to sometimes 1 or 1.5 days makes me think I know what's going on.  

Anyone else notice this?

 

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7 minutes ago, AggieOG said:

These things may just be coincidence, but for the last several years, whenever I would make an American Express Card payment from my Chase or Wells Fargo accounts, it would take 2 or 3 days before it would show up on my bank account.

I've noticed in the last few months that when I make a payment in the morning using Chase or Wells Fargo, the payment will show on my bank account within a few hours; first thing the next morning at the very latest.

Is it possible this is xCurrent?  I've been an XRP believer for some time, so I understand it may be me just "wanting" to see it being xCurrent (and eventually xRapid)....but to actually notice the speed of the settlement going from 3 days to sometimes 1 or 1.5 days makes me think I know what's going on.  

Anyone else notice this?

Yup. I've noticed this with bothAmerican Express & Bank of America. My wires out of BofA land incredibly fast now-a-days. Like wtf fast. I love it.

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In the UK we have something called Faster Payment Service.  We can send a payment to ANY Bank that is a member (anywhere in the World) and the payment will usually be there instantly or at the most within 24 hrs, there is a payment ceiling of £10k. This service has been around here for about 2 years now.

If I send a SEPA (wire Transfer) Payment it usually 'clears / shows' within a few hours at the latest next day, same with SEPA payments into my accounts.

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5 hours ago, Jannercobbler said:

In the UK we have something called Faster Payment Service.  We can send a payment to ANY Bank that is a member (anywhere in the World) and the payment will usually be there instantly or at the most within 24 hrs, there is a payment ceiling of £10k. This service has been around here for about 2 years now.

Sounds like nostro/vostro with instant crediting to me (think PayPal). That's why they have to be in "the same club". The payment should still go the old fashioned way..you know, with carrier pigeons and telegraphs

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A lot of things have changed, Transferwise is transferring my funds from Australia to India in less than two minutes and that's bank to bank. They might be using Nostro/vostro but it's as good as a service can be.

Did one right now before posting this and 41 secs exactly it took to reflect payment from my Commonwealth bank account in Australia to HDFC bank account in India.

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8 hours ago, Jannercobbler said:

In the UK we have something called Faster Payment Service.  We can send a payment to ANY Bank that is a member (anywhere in the World) and the payment will usually be there instantly or at the most within 24 hrs, there is a payment ceiling of £10k. This service has been around here for about 2 years now.

Just a small correction: it has been around for more than two years, at least for transfers within participating banks in the UK. I've personally used it frequently in the past (over the last 6 years) between two UK bank accounts, with the money being transferred (for all practical purposes) instantly. Believe it was officially launched back in 2008. :)

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3 hours ago, Invincible said:

A lot of things have changed, Transferwise is transferring my funds from Australia to India in less than two minutes and that's bank to bank. They might be using Nostro/vostro but it's as good as a service can be.

Did one right now before posting this and 41 secs exactly it took to reflect payment from my Commonwealth bank account in Australia to HDFC bank account in India.

One more reason for banks to adopt ripple tech, if they wish to stay relevant in these changing times.

Edited by ZeeperCreeper

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10 hours ago, Invincible said:

A lot of things have changed, Transferwise is transferring my funds from Australia to India in less than two minutes and that's bank to bank. They might be using Nostro/vostro but it's as good as a service can be.

Did one right now before posting this and 41 secs exactly it took to reflect payment from my Commonwealth bank account in Australia to HDFC bank account in India.

Who else can technically do this in 41 seconds except Ripple xCurrent?

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23 minutes ago, itcdominic said:

Who else can technically do this in 41 seconds except Ripple xCurrent?

Transferwise achieves this speed because they don't actually move any money across borders.

Quote

TransferWise is an online money transfer service, which allows you to transfer money up to 8 times cheaper than with the bank. The technology is based on a peer-to-peer system. If someone wants to convert their pounds to euros, TransferWise’s technology finds someone who wants to transfer money in the opposite direction (euros into pounds)

The system automatically matches the currency flows at the real mid-market exchange rate (as you would find in newspapers or at xe.com) and then pays out from the local euro or pound account, meaning the money never actually moves across borders. Doing things this way means customers can avoid traditional banking fees altogether and you don’t lose money by transferring at an unfair rate.

EDIT: Also Transferwise has publicly announced that they are not interested in working with Ripple, since their business model is different from traditional remittance platforms and they wouldn't benefit from integrating to ripplenet.

Edited by ZeeperCreeper

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ACH payment information occurs between immediately upon submission and up to midnight, settlement occurs 1-2 days later.  AMEX provides credit at point of payment and updating your account info online overnight.  This has been happening for many years now, and unless someone here has a Black card and confirms a $50k+ USD payment timing, the cash settlement behind the scenes 2 business days later is completely meaningless and honestly, 100% irrelevant.   Spread float interest is meaningless at these levels and upon crediting the account, users can turn around and charge something else, at 10-24% int.  There is absolutely no way for users to see settlement times unless you are the receiving financial institution.

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Over the last year or so the US has been rolling out same-day ACH as well as single-day ACH. The same-day ACH has I believe 3 windows a transfers needs to be submitted by to be moved the same business day. This change is almost certainly what you are experiencing.

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