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I 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
by xtracto 6y ago
I 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.