To my recollection it’s manual and yes that’s why it’s expensive. Imagine it gets added to a queue, then daily via swift, the banks settle with each other. The

To my recollection it’s manual and yes that’s why it’s expensive. Imagine it gets added to a queue, then daily via swift, the banks settle with each other. The queue has a bunch of different stuff and is a net single transfer between bank A and B depending on who owes who today. The manual part confirms that it was added to the queue which allows them the comfort of giving you access to the cash immediately. I think the fed insures these transactions and requires immediate availability of funds.