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
Me an Indian who is proud of my country in this aspect. We have UPI which is instant free and works 24×7
Large batch jobs are still efficient and are hard to move over to constantly running and streaming data
Large batch jobs are still efficient and are hard to move over to constantly running and streaming data
Large batch jobs are still efficient and are hard to move over to constantly running and streaming data
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
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
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
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.
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.
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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