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by v7p1Qbt1im 1930 days ago
Banking infrastructure is pretty terrible by default. Almost everywhere. It‘s 2021, instantaneous transactions should be the default. If you send a SEPA payment in Europe (most modern standard) it still takes one business day. And intercontinental transactions take even longer.

I get the whole interbank exchange weirdness, but still. Banks basically transfer money akin to using analogue switchboards.
2 comments
Strom 1930 days ago
> If you send a SEPA payment in Europe (most modern standard) it still takes one business day.

The most modern standard is SEPA Instant Credit Transfer [1] which does transfers in under 10 seconds. As of right now 57% of European payment service providers have joined with this scheme.

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[1] https://www.europeanpaymentscouncil.eu/what-we-do/sepa-insta...

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kergonath 1930 days ago
The most recent standard is instant, but in some countries banks take this as an opportunity to get fees. In France for example you can usually pay ~€1 to make an instant transfer, but even non-instant ones are usually much faster than one day; in the U.K. it seems everyone gets instant transfers for free.
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