Neteller Alternatives Info

[Tiburon]

Sorry if this has already been answered somewhere, but how about Payspark? I'm getting e-mails from prima sites where I've played talking about Neteller pulling out. They all recommend click2pay and payspark, and since click2pay is out I was wondering if anyone has any experience with payspark?

[curious123]

Sniper, let me know what your take on this is...

FinCEN Report to Congress on cross-border wire transfer feasibility (January 17, 2007)

Specifically, see the executive summary in the given attachment.

[Billman]

[ QUOTE ]

huh?

credit cards transactions are coded with information as to the nature of the purchase. they are therefore different from checks. and from wire transfers.

i was passing along something i read in a press release from someone from the banking industry. so if someone has "no clue" about what is being talked about, then perhaps the person who said it is it, not the messenger. i should have made more clear i was passing on someone else's information.

so here is what i should have said, which is true: a couple of months a go a press release from the banking industry indicated an inability to enact enforcement initially, as it is difficult, expensive, and not possible at the moment. many many banks were going to wait to hear from the justice department before spending a lot of money and energy making costly changes to procedure.

thanks for the helpful heads-up, however annoying your tone may have been.

[/ QUOTE ]

Really, the press release said "No need to worry." I highly doubt it.

Listen, everyone can have opinions but don't mix your opinions with facts and then try to pass them off as facts. My tone was what it was because I'm starting to get tired of reading post after post by people who are giving out bad information. Even if you are referring to a press release you've grossly misquoted it.

All electronic fund transfers happen over systems called ACH's. The US Federal Reserve handles over 85% of all electronic funds transfers. All they have to do is add one more field the message transmission which includes a industry code. If I'm paying my electric bill online it adds a code given to all utility companies. If I'm making a car payment online it adds a little code given to all consumer finance and credit companies. If I transfer money to an eWallet or gambling site it adds a code given to all eWallet and gambling sites and the transaction gets declined.

It's pretty simple.

I've read almost every article on this topic in the news and so forth and the most anybody has ever said is that it won't be foolproof because coding paper checks leaves a huge gap in enforcement. I've also designed major payment systems and know a thing or two about what can and can't be done. The hardest and most expensive part of it will be upgrading the software that the banks speak to the ACH with. But it's been done several times before to satisfy other regulations and laws so it's not impossible.

[Sniper]

Thanks for the link... I'm going to break discussion on this out into a new thread...

[mbishop]

[ QUOTE ]
All electronic fund transfers happen over systems called ACH's.

[/ QUOTE ]
True, and this is the key that a lot of people are missing. I had a long response typed but 2+2 swallowed it... the point however was that the big news is not Neteller leaving the US, but rather NACHA warning its members about the risk of processing ACH transactions related to gambling.

[rocketeer]

[ QUOTE ]
[ QUOTE ]

huh?

i was passing along something i read in a press release from someone from the banking industry. so if someone has "no clue" about what is being talked about, then perhaps the person who said it is it, not the messenger. i should have made more clear i was passing on someone else's information.

so here is what i should have said, which is true: a couple of months a go a press release from the banking industry indicated an inability to enact enforcement initially, as it is difficult, expensive, and not possible at the moment. many many banks were going to wait to hear from the justice department before spending a lot of money and energy making costly changes to procedure.

thanks for the helpful heads-up, however annoying your tone may have been.

[/ QUOTE ]

Really, the press release said "No need to worry." I highly doubt it.

Listen, everyone can have opinions but don't mix your opinions with facts and then try to pass them off as facts. My tone was what it was because I'm starting to get tired of reading post after post by people who are giving out bad information. Even if you are referring to a press release you've grossly misquoted it.

All electronic fund transfers happen over systems called ACH's. The US Federal Reserve handles over 85% of all electronic funds transfers. All they have to do is add one more field the message transmission which includes a industry code. If I'm paying my electric bill online it adds a code given to all utility companies. If I'm making a car payment online it adds a little code given to all consumer finance and credit companies. If I transfer money to an eWallet or gambling site it adds a code given to all eWallet and gambling sites and the transaction gets declined.

It's pretty simple.

I've read almost every article on this topic in the news and so forth and the most anybody has ever said is that it won't be foolproof because coding paper checks leaves a huge gap in enforcement. I've also designed major payment systems and know a thing or two about what can and can't be done. The hardest and most expensive part of it will be upgrading the software that the banks speak to the ACH with. But it's been done several times before to satisfy other regulations and laws so it's not impossible.

[/ QUOTE ]

no, the press release did not say "no need to worry". that was me.

in any case, here is more information about what I was alluding to.

http://www.icba.org/files/ICBASites/PDFs/ltr072806.pdf

Just trying to have a useful discussion. if my opinions got misinterpreted as alleged facts, i regret it.

[blutarski]

[ QUOTE ]
After all with NT down its serious gravy time at least until UIGEA. Time will tell I guess.

[/ QUOTE ]

UIGEA is now.

[curious123]

Thx for the link. Digging around the ICBA site I came across this...

[ QUOTE ]
The president also signed legislation outlawing Internet gambling, which prohibits financial institutions and credit card companies from processing Internet gambling payment transactions. ICBA convinced lawmakers to limit the burden on banks by directing the Federal Reserve and Treasury to exempt from the regulations transactions, such as checks and ACH payments, that cannot feasibly be tracked and blocked.

[/ QUOTE ]

In light of recent (well recently discovered, anyway) info, it seems to me the initial not-so-encouraging viewpoints of insiders (including our own Performify's) on the ease of implementing ACH coding were off. In fact, as I understand the FinCEN document I linked in another thread, they talk about not being able to have this in action for another 2 1/2 years or so.

It would be great if Performify, or any others in the banking industry would step in here and clarify/elaborate.

[Sniper]

curious, I started the new thread for a reason.. this stuff is important, but will be buried in this Neteller alternatives thread [img]/images/graemlins/wink.gif[/img]

[curious123]

Sorry, lost my bearings S, I'll copy n paste it over there (hope you don't mind).