Re: Is payment "timeliness" addressed in our work yet?

Benefits could be gained by trading between the date of payment notification, and fulfilment, one might consider a financial institution may be capable of running via some form of business model...

Nonetheless, immediate payment also has benefits for participants.  Perhaps also, improved terms for delays on transfers.  Who knows what models people will prefer.  I hope these "qualities" could be communicated as part of the lang. Used for payment gateways... 

Could also have a receipt implication.  

(Thinking also - the end-destination institution holding the funds or currency, enabling the customer to draw on those monies in a desired way, may also have an array of different business models... Not sure how that's trackable?)

Timh

Sent from my iPad

> On 3 Jun 2014, at 9:40 pm, Joseph Potvin <jpotvin@opman.ca> wrote:
> 
> I don't recall seeing anything specific yet about basic timeliness of
> web payments.
> 
> Here's an example. In the course of having some funds reimbursed to me
> by a business via PayPal, I then transferred the money from my PayPal
> account to my bank account. Once that transaction was processed via
> the PayPal site, I recieved the following emaIl message:
> 
> ---------- Forwarded message ----------
> From: service@intl.paypal.com <service@intl.paypal.com>
> Date: Tue, Jun 3, 2014 at 7:03 AM
> Subject: We're transferring money to your bank
> To: Joseph Potvin <jpotvin@opman.ca>
> 
> We're transferring money from PayPal to your bank
> Jun 3, 2014 07:03:36 GMT-04:00
> Hello Joseph Potvin,
> You asked us to transfer $XXX.XX CAD from PayPal to your bank account,
> and we're processing it now. It usually takes 3-5 business days for
> transfers like this to go through, so you should see the money in your
> bank account by Jun 10, 2014.
> -----------------------------------------------
> 
> Huh?  3-5 business days?   But the ACH system clears at least every day.
> 
> Does anyone here know in which organization's hands the money sits for
> 3-5 days? And why?
> 
> Is this a delay due to some slow anti-launderiing verification
> processes mandated by government?
> 
> Alternatively I can imagine there's a cloth bag tied with sisal
> containing my $XXX.XX CAD being loaded onto a side-bag of a donkey,
> getting ready to make the trek in this direction. I'm fine with that.
> Just need to know though.
> 
> -- 
> Joseph Potvin
> Operations Manager | Gestionnaire des opérations
> The Opman Company | La compagnie Opman
> jpotvin@opman.ca
> Mobile: 819-593-5983
>

Received on Tuesday, 3 June 2014 12:11:44 UTC