Log In
Register
Topic RSS
Facebook
Twitter
Email this9:43 am
February 16, 2023
Offline
https://www.theglobeandmail.co.....il-system/
Steady, if slow, progress on this file. Should we be surprised the fintechs are out ahead of the major banks? Better any launch hiccups affect a few thousand rather than millions of Canadians. Wealthsimple probably will try to claim an exclusive.
9:50 am
October 27, 2013
Offline
The article said those that are part of Phase 1. The big banks will be part of Phase 2 and/or Phase 3. I'd say the authorities are being prudent in phasing this in to iron out any glitches before the system goes 'large'.
Most of us are only interested in rapid inter-Canada transfers but there is a bigger picture. It is an overdue idea with more urgency given how big bad America is strong arming everyone to toe the America line, e.g. deciding on who, or who is not, sanctionable for their own reasons and cutting them out of ability to pay if they don't bend over. It is ludicrous that 80% of our payment processes with ex-Canada entities is currently routed through the USA (but those who do wire transfers already know that).
9:55 am
February 7, 2019
Offline
I recently triggered a Haventree Pull from BMO at about 05:30AM. I received notification of the debit at BMO just before 08:30.
Darn good ...
| CGO |
10:07 am
April 27, 2017
Online
I paid for a purchase in Estonia yesterday (Sunday) using Wealthimple’s international transfer option. The fee was $1.67 (less than Wise), transaction at mid-market exchange rate. Vendor confirmed receipt within 1 hour. Within Canada most transactions are now instant or at least they seem to be at my end.
10:52 am
April 6, 2013
Offline
AltaRed said
… It is ludicrous that 80% of our payment processes with ex-Canada entities is currently routed through the USA (but those who do wire transfers already know that).
That's expected for US$ payments.
Even US$ items between Canadian financial instituions over the Payments Canada USBE system are settled between the institutions using accounts at correspondent US banks in New York. When one pulls US$ funds in an EQ Bank US Dollar Account from one's Canada-based RBC U.S. Personal Account, the US$ item is eventually settled in the US.
That's because Bank of Canada only provides settlement accounts in Canadian dollars.
12:14 pm
October 18, 2023
Online
I made a bill payment from Wealthsimple to BMO on Thursday (AM), and the money still hasn't arrived (Monday PM). This really needs to improve as soon as possible. Canada is light-years behind other countries when it comes to payment infrastructure. Hopefully, this will finally bring some much-needed improvements.
