PTP - a new way .... seems great!

[KFC911]

Not Point-To-Point (networking protocol)... gone.
Not Dick Vitale's ... Prime Time Player.... gone.

A new way to send $$$ .... that I have used once ... and it passed with flying colors ....

Person-To-Person .... a new feature offered by my credit union to send $$$ ... so slick and secure, it just seems too good to be true

Anyone else used it? ... I'd like to see how it works on the recipient's side ....

Send me $$$

[stevej37]

I would, but my CU won't accept Bitcoins.

[masraum]

Originally Posted by KC911

Not Point-To-Point (networking protocol)... gone.
Not Dick Vitale's ... Prime Time Player.... gone.

A new way to send $$$ .... that I have used once ... and it passed with flying colors ....

Person-To-Person .... a new feature offered by my credit union to send $$$ ... so slick and secure, it just seems too good to be true

Anyone else used it? ... I'd like to see how it works on the recipient's side ....

Send me $$$

Precision Time Protocol, FTW!

Oh, nevermind.

Person to Person? You mean, like Zelle, or is this somehow different from Zelle?

You and Bob go to lunch and agree to split the bill. You give the server one credit card and then tell Bob, "I'll transfer $20 to you for my part." Then you send Bob $20?

[KFC911]

Originally Posted by stevej37

I would, but my CU won't accept Bitcoins.

It's the thought that counts .... I've added your name to my Christmas list

My Christmas list:

Everybody ... except SteveJ

I'll be back to talk protocols later ....

[stevej37]

I'll try again tomorrow with Coinstar.

It's been awhile since I checked under the couch cushions.

[wildthing]

I've only used Venmo, and then Xoom for overseas... I set up Zelle but haven't sent anyone any money. Still waiting for that Nigerian prince to call back.

[A930Rocket]

Zelle several times and Venmo a couple of times.

[masraum]

Zelle works and is super easy. I've used Zelle many times over the last 3-5 years.

That's the only one that I've used.

[KFC911]

Originally Posted by masraum

Zelle works and is super easy. I've used Zelle many times over the last 3-5 years.

That's the only one that I've used.

I'm an old T-Rex that still sent $ via Paypal on occasion .... and it has sucked royally since inception.

This PTP and a new FedPay (I think it was called ... uses the Fed Reserve sys) were announced by my CU some months back... I didn't give them any attention.

Then I used PTP ... I am totally happy with all aspects... ease, no apps, and security ...

Might be no different than others ... I dunno.

signed....

Dino

edited: copied from my CU website:

For Personal and Business

Instant payments are revolutionizing the way money moves, and now at XXXX, you can enjoy the convenience of receiving payments instantly through the Real-Time Payment (RTP) network (processed through The Clearing House) and the FedNow Service (processed through The Federal Reserve). Learn more

[KFC911]

I just did some reading on The Clearing House RTP (...not Resesrch Triangle Park ... my ancient stomping grounds) ... Real Time Payment network .... it's bigly .... almost everyone with a bank acct... but it's a baby now .... the future is here .

Steve ... whaddaya thinks?

And believe me.... my 1st use was secure .... and awesome.

They are moving peanuts now tho' .... it will explode.

Why use a Venmo (NFW for me) or even Zelle?

Imafan...

[stevej37]

^^^ It sounds great...if on the receiving end.

I'll stick to using Coinstar....I love the sound it makes.
The only times it has let me down was when trying to send those Canucks.

[KFC911]

^^^^ I wuz asking the other Steve ... yer already on my Christmas List!

Nevermind SteveM ... I see where Zelle originated ... and by whom .... bastids .... all three of them BIGLY bank bastids

Yours is tolerable .... since I never worked there

T-Rex

[stevej37]

I remember, as a kid, when our family bank was pushing every year for us to sign-up for their 'Christmas Club' account.

Deposit $5 or $10 each month and withdraw it at Christmas time.....no interest paid.
Nice Christmas gift to the bank.
I never trusted them after that.

[masraum]

Originally Posted by KC911

I just did some reading on The Clearing House RTP (...not Resesrch Triangle Park ... my ancient stomping grounds) ... Real Time Payment network .... it's bigly .... almost everyone with a bank acct... but it's a baby now .... the future is here .

Steve ... whaddaya thinks?

And believe me.... my 1st use was secure .... and awesome.

They are moving peanuts now tho' .... it will explode.

Why use a Venmo (NFW for me) or even Zelle?

Imafan...

Anytime that I see "RTP" I think either Research Triangle Park, or occasionally, Real-Time Transport Protocol.

I hadn't done much reading on it, but I found this on the interwebs so it must be 100% factual!

I like that the first bit differentiates between RTP and FedNow. And the second bit is more specific to Zelle. It seems that Zelle (which my CU uses) is via RTP if both parties are on the RTP network, but if not, then it goes back to its original method.

Real-time payments are here, and banks, consumers and commercial customers all can benefit from transactions settling instantly. The Clearing House Real Time Payment network (RTP) started processing in 2017, and the Federal Reserve’s FedNow Service is expected to go live in 2023. RTP uses a shared pre-funded joint account to settle transactions, while FedNow will be linked to a bank’s master account at the Federal Reserve.

Zelle began as a P2P service that gave immediate credit to customers but settles transactions later using the Automated Clearing House, and in some cases, settlement occurs via RTP when both banks are capable. Zelle appears to be an instant payment from the user perspective — and it actually is — when it uses RTP to settle transactions in real time.

Originally Posted by KC911

^^^^ I wuz asking the other Steve ... yer already on my Christmas List!

Nevermind SteveM ... I see where Zelle originated ... and by whom .... bastids .... all three of them BIGLY bank bastids

Yours is tolerable .... since I never worked there

T-Rex

Funny thing, I don't use "my bank" for banking. I eventually opened an account (after working there/here for a few years) and keep <$50 in it. I think I did that so I could more easily move money around in the days before Zelle and so I could easily get stuff notarized.

I'm a member of a credit union and have been since I was 15, so that's what I use for all of my banking.

[KFC911]

CU member for nearly three decades ... one day after I said adios Fuchovaya

Zelle and my CU's choich look very similar....

They locked me outta my account ..... melikey.

I used to move about 50B per day through the Fed Reserve on a daily basis.... peanut$ now... Their lead "techie" and I recognized each other's voices... when Billion$ were tardy....

I need y'all to get Larry R

I hate banks .... did I mention that before