For automated processes, for example online banking, why do “business days” still exist?
In: Technology
For bank transfers specifically, most of that is based off of ACH, which was implemented like 60 years ago. It is pretty archaic and requires more manual intervention than it should, and therefore mostly happens during “business hours”.
However, the Fed recently released [FedNow](https://www.frbservices.org/financial-services/fednow), which allows for basically instant transfers. However, it is opt-in, so your bank and the bank you’re transferring to/from need to have it implemented. That is taking a while for various reasons (costs to implement, competing systems, etc).
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