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Posted by Rich80105 on 05/05/07 05:07
On 4 May 2007 21:32:28 -0700, Horry <horacewachope@gmail.com> wrote:
>On May 5, 1:12 pm, TarlaStar <t...@inspire.nz.nt> wrote:
>> Horry wrote:
>> > On May 5, 3:17 am, TarlaStar <t...@inspire.nz.nt> wrote:
>>
>> >>Yeah Right wrote:
>>
>> >>>On , , Fri, 04 May 2007 00:19:18 -0000, Re: Credit Card Holders
>> >>>Must See This Video, Doug Jacobs <djac...@shell.rawbw.com> wrote:
>>
>> >>>>Furthremore, you're protected by federal law
>>
>> >>>We don't have a federation here in New Zealand apart from
>> >>>Federated Farmers.
>>
>> >>And our system doesn't work like the US system. For one thing, it's
>> >>better, in fact, best in the world.
>>
>> > To what system, pray tell, are you referring?
>>
>> > The NZ farming system, or the NZ payments system? Did you know
>> > there's a BIG difference between the two? DID YOU?
>>
>> NZ payments system.
>
>How is it the best in the world? Aren't all the big NZ banks owned by
>Australian banks (ASB, Trust, ANZ, etc)? Why, pray tell, would
>Australian banks create the best payments system in the world and only
>implement it in NZ? You really didn't think this through before
>pressing the send key, did you?
The New Zealand payments system was developed differently from many
other countries because a single provider was used for clearances at
one stage. This made it it acceptable to banks and also expected by
teh public that there should be overnight clearance of most
transactions. Some (possibly most) banks now have their own system,
but the habit of making money from delays in clearance doesn't apply
int eh same wasy as in other countries.
I was amused to see a UK add a few years ago advertising being the
first in the world to have PIN numbers on credit cards - about 5 years
after I had the same thing in New Zealand.
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