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Oh that's so convenient, I thought NEFT was still limited to working hours only. I wonder how the technology underneath changed to enable this.
by akritrime 6y ago
Oh that's so convenient, I thought NEFT was still limited to working hours only. I wonder how the technology underneath changed to enable this.
- captn3m0 6y ago> wonder how the technology underneath changed 80% of fintech is excel sheets getting sent from one system to the other. A lot of these were baby-sit earlier, and RBI changed this over a year or so. They asked for banks to make sure the processes were automated first, then lots of test-runs. I think another important reason was that the morning rush (build-up of pending transfers) was causing issues and chokepoints. Smaller window-sizes helped fix that.
- akritrime 6y agoBy babysit, do you mean someone used to go thru the sheets and update all the accounting stuff? I know its a bit idiotic question but I won't be really surprised if that's how it was.