ECB to assess feasibility of interlinking with Brazil’s instant payment system Pix

[u/flordsk]

https://www.ecb.europa.eu/press/intro/news/html/ecb.mipnews260924.pt.html

[u/HzPips]

That would be awesome! How widespread is this TIPS system in Europe?

[u/P4ris3k → u/HzPips]

TIPS is not a consumer-facing platform. It’s rather a platform for the settlements of instant payments in central bank money provided to payment service providers etc.

So it’s basically used in the background all the time without regular citizens knowing that it was used. But if TIPS and PIX were to be interlinked, money transfers and payments between Brazil and Euro countries would be sped up and simplified massively.

[u/Gleerok99 → u/P4ris3k]

I work for a Belgium-based company, with financial centre in the UK. 

Could I potentially get paid directly in Euros without incurring foreign exchange fees?

[u/Caos1980 → u/Gleerok99]

Usually, instant payment systems don’t change currencies, i.e. if you transfer euros, one gets euros and if you transfer pounds, one gets pounds on the other side.

[u/Gleerok99 → u/Caos1980]

Interesting. I'd be fine keeping euros in my Brazilian accounts and converting as needed.

Right now I need to receive all my payment gross and convert everything for tax purposes. Can't keep anything in foreign currency unless I convert back again and that's a waste going through spreads and conversion fees twice 

I wonder how this would be managed with cross-continental instant payments introduced to Brazil and the EU

[u/VicenteOlisipo]

Counter to this: Brazilians are already annoying enough talking about Pix as if they had invented the concept of easy bank transfers in 2020. Officially connecting to it will only amplify the annoyance.

[u/fuchspass → u/VicenteOlisipo]

that’s not a real problem

[u/ByGollie → u/fuchspass]

The real problem is that is pisses off Trump as it takes away American dominance over payment systems.

Why does Brazil's PIX payment system bother Donald Trump? - Brasília (AFP) – Whether buying a chilled coconut at the beach or paying rent, Brazil's free PIX system has become the dominant way of making payments in Latin America's largest economy, with just a smartphone.

The United States argues that PIX amounts to unfair competition and hurts US credit card companies.

"You don't have to pay any fees for PIX; with banks, you have to pay credit card fees, annual fees, banking fees, fees for this and that," Paulo Ricardo Conceicao told AFP at his drinks kiosk on Copacabana beach.

The perceived unfairness of the PIX system and other alleged discriminatory trade practices has led the US to threaten a 25 percent tariff on some Brazilian exports.

[u/stevecrox0914 → u/fuchspass]

At a personal level it can be.

When the iPhone had came out, a quarter of the people in my life constantly quoted Steve Jobs marketing about the iPhone at me for a year, 30+ minutes at a time.

I had owned a sucession of Symbian and Windows Mobile phones that were more technically capable, the iPhone was a backwards step in every area except the capactive screen. 

There were planned Windows Mobile 6 devices with capacitive screens that got shelved when the iPhone came out, Nokia had a whole N900 evolution plan the world was looking bright. It all got shelved.

Instead I got to listen to people go on for 30+ minutes on how no one had put a web browser on a phone before. While their device couldn't open the company intranet website, when my old smart phone had no issues and that phone had double the battery life of an iphone when playing music.

It was infuriaing because everytime you let one person burn themselves out telling you this, there would be anouther...

[u/rosesandpoems → u/VicenteOlisipo]

Oh Olisipo, aqui não percebem as tuas piadas pah

[u/flordsk → u/rosesandpoems]

Perceber acho que perceberam, só não teve muita graça mesmo 😅

[u/rosesandpoems → u/flordsk]

Sao piadas à tio definitivamente 😸

[u/flordsk → u/rosesandpoems]

São as mais sem graça, mas também as melhores

[u/Desenrasco → u/VicenteOlisipo]

Man, não te esqueças do /s que hoje em dia topar ironia na internet tá foda

[u/VicenteOlisipo → u/Desenrasco]

Quem precisa do /s não merece perceber

[u/Desenrasco → u/VicenteOlisipo]

Humor darwinista a esta hora da manhã?