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  Reply # 1212948 13-Jan-2015 08:57
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johnr:
Technofreak:
joker97: maybe you should change banks? what bank are you with?


I don't think the problem is with the bank.


Are you sure? My payments show instantly and balance changes


It sounds to me like there is a setup problem with his accounts or he is making the payment with the wrong details and they have to find it manually.

Nathan has already said he his TSB payments go through instantly.

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  Reply # 1212967 13-Jan-2015 09:28
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Available balances updated immediately for most banks. If you are expecting a transaction line item to appear immediately I don't know of any banks that do that real time

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  Reply # 1212998 13-Jan-2015 09:59
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I agree - there is no reason for banking to cease at any time when it comes to electronic transactions: weekends, middle of the night etc should make no difference.

Also it should take seconds for funds to move, not days.





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  Reply # 1213007 13-Jan-2015 10:09
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Geektastic: I agree - there is no reason for banking to cease at any time when it comes to electronic transactions: weekends, middle of the night etc should make no difference.

Also it should take seconds for funds to move, not days.


I maybe wrong but I believe there is some silly Reserve Bank rules governing it with regards to time frames.




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  Reply # 1213008 13-Jan-2015 10:10
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i'm with BNZ. CC also a VISA.

when i make a FUNDS TRANSFER nothing shows on the CC for a long time (ok maybe days but i never bother checking). ie the transaction does not show up immediately. (it used to!!!) the account balance does not change. the available balance however reflects the new funds transfer.

really weird. i prefer if everything updates like everyone's banks, but the statement always shows the date the funds transfer was made.




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  Reply # 1213069 13-Jan-2015 11:15
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KiwiNZ:
Geektastic: I agree - there is no reason for banking to cease at any time when it comes to electronic transactions: weekends, middle of the night etc should make no difference.

Also it should take seconds for funds to move, not days.


I maybe wrong but I believe there is some silly Reserve Bank rules governing it with regards to time frames.


Correct. The Reserve Bank want to control monetary supply and controlling interbank settlement times is one of the mechanisms for this.




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  Reply # 1213088 13-Jan-2015 11:51
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ajobbins:
KiwiNZ:
Geektastic: I agree - there is no reason for banking to cease at any time when it comes to electronic transactions: weekends, middle of the night etc should make no difference.

Also it should take seconds for funds to move, not days.


I maybe wrong but I believe there is some silly Reserve Bank rules governing it with regards to time frames.


Correct. The Reserve Bank want to control monetary supply and controlling interbank settlement times is one of the mechanisms for this.


I thought there were now multiple interbank settlement times per day - is this not the case.

I know early last year I was seeing same day money transfers between various banks to me, but later in the year that was certainly no longer the case. Did something change?

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  Reply # 1213095 13-Jan-2015 12:16
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keewee01:
ajobbins:
KiwiNZ:
Geektastic: I agree - there is no reason for banking to cease at any time when it comes to electronic transactions: weekends, middle of the night etc should make no difference.

Also it should take seconds for funds to move, not days.


I maybe wrong but I believe there is some silly Reserve Bank rules governing it with regards to time frames.


Correct. The Reserve Bank want to control monetary supply and controlling interbank settlement times is one of the mechanisms for this.


I thought there were now multiple interbank settlement times per day - is this not the case.

I know early last year I was seeing same day money transfers between various banks to me, but later in the year that was certainly no longer the case. Did something change?


Yes, there are now hourly (I think) interbank settlements during business hours between banks that support it. This still gives the RBNZ a degree of control if needed.

From a technical point of view, real time interbank settlements would almost certainly be possible between some of the banks now (depending on the capabilities of their core banking platform), and I am sure some of them would like this - but the RBNZ says no.




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  Reply # 1213155 13-Jan-2015 13:50
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ajobbins:

Yes, there are now hourly (I think) interbank settlements during business hours between banks that support it. This still gives the RBNZ a degree of control if needed.

From a technical point of view, real time interbank settlements would almost certainly be possible between some of the banks now (depending on the capabilities of their core banking platform), and I am sure some of them would like this - but the RBNZ says no.


The reserve bank also charge per interbank settlement, so for some smaller banks with fewer transactions its not cost effective to run often.

From what I understand of the TSB Visa, when a payment is made from a TSB account to a TSB Visa, TSB 'fudge' the shown VISA account balance to reflect the payment, however the payment doesn't actually hit the account until Visa have processed it.  I'm not sure how this affects the available limit.  Also TSB use ASB as their VISA processor.




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  Reply # 1213178 13-Jan-2015 14:07
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keewee01:
ajobbins:
KiwiNZ:
Geektastic: I agree - there is no reason for banking to cease at any time when it comes to electronic transactions: weekends, middle of the night etc should make no difference.

Also it should take seconds for funds to move, not days.


I maybe wrong but I believe there is some silly Reserve Bank rules governing it with regards to time frames.


Correct. The Reserve Bank want to control monetary supply and controlling interbank settlement times is one of the mechanisms for this.


I thought there were now multiple interbank settlement times per day - is this not the case.

I know early last year I was seeing same day money transfers between various banks to me, but later in the year that was certainly no longer the case. Did something change?


Nothing has changed, all major banks in NZ were part of the SBI project and interchange data numerous times throughout the day. Whether this appears immediately is a different issue entirely.

Some banks (with ANZ being a classic example) only process this overnight due to limitations with their core banking platform. Ironically for a few months after SBI was deployed and before they moved to National's Systematics platform they had real-time capabilities.


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  Reply # 1213184 13-Jan-2015 14:19
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Amosnz: From what I understand of the TSB Visa, when a payment is made from a TSB account to a TSB Visa, TSB 'fudge' the shown VISA account balance to reflect the payment, however the payment doesn't actually hit the account until Visa have processed it.  I'm not sure how this affects the available limit.  Also TSB use ASB as their VISA processor.


Visa have no role in the payment from your TSB account to your TSB Visa card. The account is held and managed by TSB. Visa is just the transaction processing network, which in this case isn't used as such as it is an 'internal' transfer between TSB accounts.





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  Reply # 1213196 13-Jan-2015 14:27
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ajobbins:
Amosnz: From what I understand of the TSB Visa, when a payment is made from a TSB account to a TSB Visa, TSB 'fudge' the shown VISA account balance to reflect the payment, however the payment doesn't actually hit the account until Visa have processed it.  I'm not sure how this affects the available limit.  Also TSB use ASB as their VISA processor.


Visa have no role in the payment from your TSB account to your TSB Visa card. The account is held and managed by TSB. Visa is just the transaction processing network, which in this case isn't used as such as it is an 'internal' transfer between TSB accounts.


That might be how it works for other banks but I'm 100% sure that's not correct for TSB. 





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  Reply # 1213197 13-Jan-2015 14:30
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Amosnz: That might be how it works for other banks but I'm 100% sure that's not correct for TSB. 



Let me be clearer. Visa NEVER have a role in account payments. These are never processed through the VISA network. Not for any bank, anywhere.




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  Reply # 1213198 13-Jan-2015 14:31
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sbiddle:
keewee01:
ajobbins:
KiwiNZ:
Geektastic: I agree - there is no reason for banking to cease at any time when it comes to electronic transactions: weekends, middle of the night etc should make no difference.

Also it should take seconds for funds to move, not days.


I maybe wrong but I believe there is some silly Reserve Bank rules governing it with regards to time frames.


Correct. The Reserve Bank want to control monetary supply and controlling interbank settlement times is one of the mechanisms for this.


I thought there were now multiple interbank settlement times per day - is this not the case.

I know early last year I was seeing same day money transfers between various banks to me, but later in the year that was certainly no longer the case. Did something change?


Nothing has changed, all major banks in NZ were part of the SBI project and interchange data numerous times throughout the day. Whether this appears immediately is a different issue entirely.

Some banks (with ANZ being a classic example) only process this overnight due to limitations with their core banking platform. Ironically for a few months after SBI was deployed and before they moved to National's Systematics platform they had real-time capabilities.



Bingo - that is indeed the bank I've had this experience with. I was getting timely transfers to my ANZ account for a a number of months last year, but now it is back to slow overnight. I was happy with the National Bank. Totally over ANZ. (Sorry for the OT)


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  Reply # 1213295 13-Jan-2015 16:54
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ajobbins:
KiwiNZ:
Geektastic: I agree - there is no reason for banking to cease at any time when it comes to electronic transactions: weekends, middle of the night etc should make no difference.

Also it should take seconds for funds to move, not days.


I maybe wrong but I believe there is some silly Reserve Bank rules governing it with regards to time frames.


Correct. The Reserve Bank want to control monetary supply and controlling interbank settlement times is one of the mechanisms for this.


How does it control that? If I own $5 and send it to you, it's the same $5 not an additional $5. I can't really see how making you wait for something controls the supply: if I take the $5 in cash and hand it to you it's instant and they have no control - but same $5...!





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