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?
In: 1897
Shocking to hear this. Here in Pakistan, which isnt exactly a developed nation, fund transfers are instant 24/7/365 – cept downtimes. Overall uptimes are usually 95% per annum
The technology here is rather simple. One switch controller, that basically passes transactions from banks to each other manages all local account transactions within the country. All banks have their own live balance servers that keep account of everything.
Banks settle amongst each as a net settlement of all transactions through the central bank.
The ATM networks work on the same principles
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