At least where I live, if I make a transfer between my accounts (with different banks) too late on a Friday, the money won’t be available until Monday. But there are no humans involved in this process – it seems to me that could be instantaneous as far as the technology is concerned. What am I missing?
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I work in IT at a fairly large US bank. A lot is left over from long ago move to digital. Many older banks and insurance companies are still running mainframes from decades ago. With the loss of people knowing how to work on these systems they are finally being forced to upgrade, very expensive time consuming and risky process. With the slow updates the systems should begin gaining this functionality either immediately with the update or through time as the new tools allow for regular updates.
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