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That sounds insane. What's the average processing time on a payment in that case?
by viceroyalbean 5y ago
That sounds insane. What's the average processing time on a payment in that case?
- Jenk 5y agoMultiple business days for clearance. This was before BACS and SWIFT, so now I am assuming we don't have the same paper trail. A transaction would show up on the system as pending pretty promptly, so you could do your accounting etc - but they wouldn't clear until the cheque was received.
- AnimalMuppet 5y agoBack in the 1990s, they literally flew these on private planes. It was worth it to get a billion dollars in checks to the other end a day sooner, thereby saving one day's interest on a billion dollars. I talked to a pilot who flew those flights. He said that it would be gone in a year or two, replaced by electronic transfer.