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
There are technical constraints that are ‘easy’ to solve and non technical constraints in jurisdictions that have central reserve banks that individual banks maintain settlement accounts with; there is a non technical overhead to 365 day operation in ensuring that those interbank settlement accounts remain funded and operating within regulatory limits, in boundary cases like runs or high value transactions.
So essentially, it’s both a technical issue of let’s run the programme on the weekends (easy) and a people issue of do we have the right people on call monitoring these systems 365 days a year; they’re usually pretty expensive people, and currently on the golf course on the weekend so things need to be renegotiated from their ‘bankers hours’ historic baseline.
I think this is largely a location thing.
From what I’ve read on here. US banks seem very outdated.
Like can’t transfer people money easily via app (hence cashapp is huge).
In the UK. I can transfer what I want, to who I want, when I want. Be it an account of my own at a different bank, or another person.
There may be a verification security step if it’s to a new person with some banks, but that’s all automated via a text or email code.
They are instant mostly. I can login to the other bank app, and it’s already there.
I think this is largely a location thing.
From what I’ve read on here. US banks seem very outdated.
Like can’t transfer people money easily via app (hence cashapp is huge).
In the UK. I can transfer what I want, to who I want, when I want. Be it an account of my own at a different bank, or another person.
There may be a verification security step if it’s to a new person with some banks, but that’s all automated via a text or email code.
They are instant mostly. I can login to the other bank app, and it’s already there.
They can but it makes more money not to. 0.01% of an interest gain over a few hours is bugger all to one transaction. But when they’re holding all the transactions… Well, a poofteenth of a bloody shitload is an outright fuckton of money.
They can but it makes more money not to. 0.01% of an interest gain over a few hours is bugger all to one transaction. But when they’re holding all the transactions… Well, a poofteenth of a bloody shitload is an outright fuckton of money.
> What am I missing?
Greed. They get to use your money for free all that time!
They can. It is digital and automated. Here you can transfer between banks on a sunday on your bankapp in like 10 seconds.
They can. It is digital and automated. Here you can transfer between banks on a sunday on your bankapp in like 10 seconds.
> What am I missing?
Greed. They get to use your money for free all that time!
> What am I missing?
Greed. They get to use your money for free all that time!
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