3 ms·
Don't touch if it isn't broken? From what I've seen in other countries, you don't update protocols for this. You introduce better ones and kill the old ones on
by lrem 6y ago
Don't touch if it isn't broken?
From what I've seen in other countries, you don't update protocols for this. You introduce better ones and kill the old ones once nobody used them for a while. Which might take longer than expected, because "free instant transfers" might be seen as cannibalizing the "slightly less slow expensive transfers" any given bank might have on offer.
- xtracto 6y agoI deal with the ACH network on a daily basis and let me tell you it IS broken. The fact that you only receive negative ack when a transaction fails, otherwise you have to pray your transaction went through is so bad it sounds like a joke. For comparison, the third world underdeveloped country where I live has an electronic cash transfer system allowing me to send ANY amount of money in 10 minutes at most for $0.5 usd.
- throwaway20875 6y agoI worked in fintech in NYC for a bit. The technology driving most critical financial infrastructure in the US is astoundingly antiquated. It is only sustained through the sheer amount of bodies and ingenuity thrown at it.