3 ms·

How slow bank transfers are? Is 2 seconds really that slow?

• willcipriano 6y ago
  In the US they clear overnight, as I understand (from a previous hn post I can no longer find) it's a big sftp server and flat files.
  • nobleach 6y ago
    Working in the fintech has opened my eyes to how many shortcomings there really are in banking/ACH. What you describe above is both my nightmare, and my reality. Pipe-delimited flat files being SFTPed via cronjobs overnight. Getting the emails at 5am that balances are off/not reconciled because somehow an errant '|' got into the mix. Additionally, the number of folks that ask for spreadsheets (not encrypted) with your SSN... and then proceed to email that data around (sometimes via Gmail!)
    • deleted 6y ago
      [deleted]
  • tigershark 6y ago
    The article is about HSBC, a British bank, where the transfers happen in a matter of seconds. What is the point of comparing it with US banks?