Comment The current wire payment system is... (Score 2) 156
... I apologize for my somewhat undiplomatic language, but the current wire payment system is a cluster-fuck of fail.
My company is based in Canada and accepts wire payments from Canada, the US, Europe, Australia, South Africa and the Middle East. Half the time, we see mysterious deposits appearing in our account without any useful identification. We ask our customers to specify invoice numbers when they make a payment. Sometimes that comes through. Mostly it does not. Sometimes we don't even get any indication as to who the money is from.
So then we need to phone our bank and they take days to track down who just paid us. It's a total nightmare.
I'd welcome wholeheartedly anything that can improve the situation.