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by FireBeyond 1965 days ago
When I left Australia in 2006, inter bank transfers settled every four hours. Often by ISDN lines between banks. "Constantly talking" is a BS excuse. As far as I know (someone still there can correct me) inter bank transfers there are now down to 5 minutes.

The US banking system is arcane and archaic. It's cheaper not to modernize to be sure. Forgive me for being frustrated at banks cheaping out on this when they average quarter of a trillion dollars in profit every year over the last few years.
2 comments
db579 1963 days ago
Yep, in Europe inter-bank transfers are also instant and if the underlying reason for all these regulations, confusions and trading impact is that US institutions have just been too cheap to upgrade the legacy infrastructure running the biggest store and exchange of value in the world then frankly surprise and anger seems justified.
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manquer 1964 days ago
In India IMPS or UPI tranfer is less than a second.NEFT is weekends every one hour. RTGS is more or less real time

I routinely pay street vendors directly from my bank account to theirs for 10ยข transactions .

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