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> but remaining 20% can held up for a variety of reasons ranging from fraud investigation, AML, or OFAC. For those 20% the banking system as it is right now, is

> but remaining 20% can held up for a variety of reasons ranging from fraud investigation, AML, or OFAC. For those 20% the banking system as it is right now, is a problem. AML, OFAC will absolutely take time and no interbank transfer would bypass it in any US chartered bank as they are triggered during a match in the FedWire or any other system that uses the Fed. KYC and fraud investigations are triggered by the originating bank, most likely because the account has been flagged. Until the account is cleared any transfers out of the account would trigger them and delay them. KYC-type and fraud investigations could also be triggered by the receiving bank if the account is either flagged or the activity is matching certain parameters - it is less likely but possible. Should that happen, no matter what is the method that was used to credit the account is likely to trigger it. > For those 20% the banking system as it is right now, is a problem. That makes it 1 out of 5 wires. It is extremely unlikely to be the case. > That may have been true/acceptable before, where time span between order and payment was greater. If it is a feature, it is a feature for the bank, not the user. It absolutely is a feature to the user - it allows for an easy rollback of journaling mistakes.

A4ET8a8uTh0 6y ago
1 in 5 seems like a high proportion to me. I will admit that I find it mildly aggravating that people wave away a genuine complaint with 'it only happens in 1 out of 5 cases'. Is it an acceptable ratio? Would we accept a plane that lands for non-routine issue 1 out of 5 times? >> That makes it 1 out of 5 wires. It is extremely unlikely to be the case. I don't think I could honestly qualify 1 out of 5 with adverb extremely. Even unlikely feels like a stretch. Let me give you an example, if you submitted your taxes online and before you submitted it, it gave you a chance percentage of an audit, would you roll the dice at 20%? >> It absolutely is a feature to the user - it allows for an easy rollback of journaling mistakes. Having dealt with those mistakes, I still maintain that it is there cover the bank.
- notyourday 6y ago
  > I don't think I could honestly qualify 1 out of 5 with adverb extremely. Even unlikely feels like a stretch. Let me give you an example, if you submitted your taxes online and before you submitted it, it gave you a chance percentage of an audit, would you roll the dice at 20%? There's no such thing as 20% of international wires that get delayed. American brokers do hundreds of thousands of international wire transfers every day. If 20% of those were delayed, it would collapse the global financial system.
  - A4ET8a8uTh0 6y ago
    You statements appear to be taken from various institution's brochures ( ranging from $35 wire transfer cost - international, which is what we were discussing, wire average cost is higher ; "shows up in a corresponding bank within a day" - technically true, but virtually meaningless to a sender/recipient ). They are also very definitive, matter-of-fact and made with aura of conviction, but allow me to quote to you stating the following. "P.S. Non-immediate transfer is a feature and not a bug. " Since we are playing with words, non-immediate transfer is a delay and it is at odds at the other statement you have made: "If 20% of those were delayed, it would collapse the global financial system. " It wouldn't, because it didn't. But clearly that part doesn't matter, because entities and individuals affected tend not to be well-heeled and so unlikely to be able to force the bank to take some sort of action. All that said, I am done discussing this.
    - notyourday 6y ago
      Over my life I have dealt with over a thousand wire transfers including international, both business and personal with over a dozen banks. So yes, I can pretty definitively say when something does not match the reality. The delay in the international wires that are a feature ( 1-3 business days ) have nothing in common with the 20% arbitrary delay of unknown duration that you have promoted. That's the 20% delay that would collapse the world financial system.

A4ET8a8uTh0 6y ago

1 in 5 seems like a high proportion to me. I will admit that I find it mildly aggravating that people wave away a genuine complaint with 'it only happens in 1 out of 5 cases'. Is it an acceptable ratio? Would we accept a plane that lands for non-routine issue 1 out of 5 times? >> That makes it 1 out of 5 wires. It is extremely unlikely to be the case. I don't think I could honestly qualify 1 out of 5 with adverb extremely. Even unlikely feels like a stretch. Let me give you an example, if you submitted your taxes online and before you submitted it, it gave you a chance percentage of an audit, would you roll the dice at 20%? >> It absolutely is a feature to the user - it allows for an easy rollback of journaling mistakes. Having dealt with those mistakes, I still maintain that it is there cover the bank.

notyourday 6y ago
> I don't think I could honestly qualify 1 out of 5 with adverb extremely. Even unlikely feels like a stretch. Let me give you an example, if you submitted your taxes online and before you submitted it, it gave you a chance percentage of an audit, would you roll the dice at 20%? There's no such thing as 20% of international wires that get delayed. American brokers do hundreds of thousands of international wire transfers every day. If 20% of those were delayed, it would collapse the global financial system.
- A4ET8a8uTh0 6y ago
  You statements appear to be taken from various institution's brochures ( ranging from $35 wire transfer cost - international, which is what we were discussing, wire average cost is higher ; "shows up in a corresponding bank within a day" - technically true, but virtually meaningless to a sender/recipient ). They are also very definitive, matter-of-fact and made with aura of conviction, but allow me to quote to you stating the following. "P.S. Non-immediate transfer is a feature and not a bug. " Since we are playing with words, non-immediate transfer is a delay and it is at odds at the other statement you have made: "If 20% of those were delayed, it would collapse the global financial system. " It wouldn't, because it didn't. But clearly that part doesn't matter, because entities and individuals affected tend not to be well-heeled and so unlikely to be able to force the bank to take some sort of action. All that said, I am done discussing this.
  - notyourday 6y ago
    Over my life I have dealt with over a thousand wire transfers including international, both business and personal with over a dozen banks. So yes, I can pretty definitively say when something does not match the reality. The delay in the international wires that are a feature ( 1-3 business days ) have nothing in common with the 20% arbitrary delay of unknown duration that you have promoted. That's the 20% delay that would collapse the world financial system.