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Why does that require so many days? Banking is all digital, yet it is still being treated like it's the 1950s.
by gordonfish 2y ago
Why does that require so many days? Banking is all digital, yet it is still being treated like it's the 1950s.
- devmor 2y agoWell, the good news is that the Fed recently rolled out the first phase of a replacement ACH system (FedNow) that does instant transfers. The bad news is that it will be decades before most major payment systems move to it. I haven’t worked in fintech long enough to tell you why it was modeled to take so long, but I would hazard a guess that it’s because the primary method of moving money was paper checks and physical card impressions until the last couple decades.