I don't follow why a bank can't see cash flow? I live in Australia, and here alm... | Hacker News

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TheSpiceIsLife on Nov 7, 2015 | parent | context | favorite | on: Square’s IPO Terms Put Valuation Below Latest Fund...

I don't follow why a bank can't see cash flow? I live in Australia, and here almost everyone is using PayPass by MasterCard or PayWave by VISA - both are contactless PINless card payments. All those transactions have to go in to the merchants bank account.

x0x0 on Nov 7, 2015 [–]

Um, sure -- but they get bulk deposited, not individual transactions. The merchant account is what sees the individual transactions, and that bank generally isn't the one businesses go to for loans afaik.

TheSpiceIsLife on Nov 7, 2015 | [–]

Oh yeah, true. Excuse my ignorance. Although in Australia the merchant banks also do business lending.

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