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I don’t think this is true. Every bank and exchange has a business continuity plan to allow processes to be completed manually during an outage and I’ve never s
by elliekelly 5y ago
I don’t think this is true. Every bank and exchange has a business continuity plan to allow processes to be completed manually during an outage and I’ve never seen a BCP that required any sort of GPS or celestial navigation access in order to correctly time stamp a transaction.
Think about how credit cards used to be “swiped”[1] it was a literal carbon copy of the card. These machines are still distributed and occasionally still used when a network is down. The exact time of the transaction isn’t necessary because the cardholder or account agreement contains language to address overdrafts in these situations.
[1]https://www.mobiletransaction.org/how-to-accept-credit-card-payments-offline/ https://www.mobiletransaction.org/how-to-accept-credit-card-...
- whoknowswhat11 5y agoThe Bank has a record of your balance, regardless of GPS. For all live network authenticated reductions of this balance, GPS time is not relevant, the bank still has access to the balance, can still decrease it, can still report an overdraft.