[jacques_chester]

> This is why everything in banking is super slow and fraud is still rampant.

This depends very much on jurisdiction. The USA has slow banking and high fraud because of the clearance system and because of weak identification of account-holders.

In Australia, the UK, Europe and elsewhere, clearance systems are either faster (same-day), or allow direct bank-to-bank clearance, or both. Australia has strict banking identity laws, making it very difficult to open fraudulent accounts.