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> I'd say U.S. banking is, if nothing else, generally at the forefront of digital technology despite heavy regulation. Transferring money with ACH takes multip
by zkms 9y ago
> I'd say U.S. banking is, if nothing else, generally at the forefront of digital technology despite heavy regulation.
Transferring money with ACH takes multiple business days, this is not at the forefront of digital technology.
- muninn_ 9y agoOne example of an inefficiency (especially without any reasoning behind why this inefficiency is happening) doesn't mean much.
- jdmichal 9y agoFirst, most ACH transactions clear in the same day [0]. Second, that's also completely ignoring newer networks like clearXchange / Zelle, which clears in minutes [1]. [0] https://www.nacha.org/news/what-ach-quick-facts-about-automated-clearing-house-ach-network https://www.nacha.org/news/what-ach-quick-facts-about-automa... "Specifically, the NACHA Operating Rules require that ACH credits settle in one to two business days and ACH debits settle on the next business day. Recent enhancements to the NACHA Operating Rules now enable same-day settlement of virtually all ACH transactions." [1] https://en.wikipedia.org/wiki/ClearXchange https://en.wikipedia.org/wiki/ClearXchange