"Re: Kim's Response to RTGS/S2" by (Anonymous) - 1/30/18

by **Ssmith** Wed Jan 31, 2018 9:01 am

https://www.dinardaily.net/t70658-response-regarding-rtgs-s2-kim-possible-intel-update-1-30-18#327569

While I can agree with Kim Possible about most of what she stated.

1. Swift 2 as she calls it is not even used anymore.

2. She makes reference to Debt Cards as RTGS that is true if you are using a bank like BBVA Compass. B of A, Chase, Citi, Wells Fargo all settle the debt card accounts at night.

3. BBVA Compass the minute you swipe your card for whatever amount it is, is out of your account at that second.

4. You as the owner of the account that the Debt Card belongs to actually start the transaction by swiping the card, unless you are paying cash.

5. A debt Card is an excellent example of RTGS but lets take this one step further. An off ledger account is still an account that can only be accessed by the account holder. If the account holder does not actually start the process of moving the money to whatever account it is suppose to go to it does not get done period.

6. In this example a person gives you several codes to an account that is an off ledger account. So you go to the bank any of the big 5 banks and you meet with the person in charge of the wire room and you give them the codes they will look at you like you have a screw loose.

a. The first thing they tell you is that they don’t do what you want them to do.

b. They are a receiving bank meaning that the account does not belong to them and since you are not the account holder where the funds are going from you can not initiate the transaction.

c. The account holder is the only individual that can initiate the transaction no one else.

7. Central Banks can not initiate a transaction if they are the receiving bank only if they are the sending bank.

8. So if Kim is the keeper of the codes and the owner/trustee of the account from which the funds are being transferred from she is the only one that can initiate it, much the same way that you use your debt card.

anonymous