Comment by nottorp
7 months ago
> IBAN-to-IBAN can take up to 2 days to process
It's getting there. Some of my transfers are instant now.
Apparently someone decided they'll fix the existing system instead of creating a whole new system with a fancy name.
However, your description of Pix still doesn't explain the ---coin fetish in the original article.
> Apparently someone decided they'll fix the existing system instead of creating a whole new system with a fancy name.
I think the approach created by Pix is probably better to be honest. Yes, I know that some IBAN-to-IBAN is instantaneous, but since this depends on both banks supporting it and also this is not always clear that it is instantaneous (I think at least when I used N26 the way they advertised this feature the wording wasn't clear if it was guarantee that the transfer was instantanous or not).
Pix is not. Everyone in Brazil knows that it is fast, so if you don't get a notification that you received the money there is probably something wrong (it is really easy to forge a receipt showing that you "paid" something). Especially for a country that has lots of issues with scams, it is really important that the system is reliable so people can trust the system.
> However, your description of Pix still doesn't explain the ---coin fetish in the original article.
I wasn't trying to, I didn't even read the article to be honest. I was just trying to clarify why the Pix experience is different from IBAN-to-IBAN, even if in concept they're the same.