Seriously why does it take “3 to 5” business days to take the money from my account when it’s all handled electronically?
In: 294
Well actually they can! Outside of the US there are many countries offering instant domestic or even international payments, such as the UK, Singapore, India and most of the Euro Zone.
The reason it is slow in the US is simply that the system hasn’t kept up with the pace of technology change. Many large companies who rely on ACH have adapted their business processes to it (and are therefore unbothered by the delay) and newer, commercial alternatives like Venmo have emerged for individuals to make instant transfers to each other.
When the US revises the ACH system, we’ll see instant payments there too.
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