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   zhenech (zhenech@chaos.social)'s status on Friday, 03-May-2024 14:56:22 JST zhenech

   • Marcus Hutchins :verified:

   @malwaretech name + account number here in Europe (and routing number if cross country) and it still feels like shit as stuff is not real time 🤷♀️

   • Embed this notice
     gunstick (gunstick@mastodon.opencloud.lu)'s status on Friday, 03-May-2024 14:56:21 JST gunstick

     in reply to

     @zhenech not so sure if the name is even needed or has to be correct.
     And it has been a long time since I entered the BIC (routing number?). My webbanking figures that out automatically. Because the bank ID is in the IBAN, so it just needs a quick lookup to find the BIC.
     Then new SEPA instant transfer system works even cross border if both banks are participating. Then it's seconds. Soon at a bank near you.

   • Embed this notice
     gunstick (gunstick@mastodon.opencloud.lu)'s status on Friday, 03-May-2024 14:56:28 JST gunstick

     in reply to

     @zhenech the IBAN contains an ID, but routing is done with the BIC. The sending bank has to do a lookup to find the BIC from the IBAN. Good banks have that database query integrated, bad banks are just lazy to do the development.

   • Embed this notice
     zhenech (zhenech@chaos.social)'s status on Friday, 03-May-2024 14:56:29 JST zhenech

     in reply to

     • gunstick

     @gunstick BIC should only be needed for cross border transfers (I don't understand exactly why, as the IBAN already contains a bank identifier, but oh well), and yeah it seems like the German banks are just slow on supporting this.