For automated processes, for example online banking, why do “business days” still exist?
In: Technology
A large portion of the banking industry is running dated code that executes things called “batch processing”. This is where they store a lot of the daily actions into a single file or folder and process all the transactions at night. While they show things immediately on your display, it might just be a temporary cache while the actual moving of funds still happens overnight.
As to why this hasn’t changed, it’s because redesigning an entire application takes time, and more importantly, money. Paying the developers to do it isn’t worth it to the bank as they can just make it look that way to you and still use the application written 40 years ago to do the actual work.
There’s also a large amount of regulation around the code and implementation, so having to traverse that causes much more time and work on the development cycle.
Latest Answers