3 ms·
When I pay something via credit card in an online store, my bank's app gives me a transaction notification within 3-5 seconds. I don't know whether that means t
by majewsky 3y ago
When I pay something via credit card in an online store, my bank's app gives me a transaction notification within 3-5 seconds. I don't know whether that means that the transaction has been fully settled, but at least it appears to be moving through the system rather quickly.
> Traditional ACH transactions take days because they're not even transmitted to the other bank until the end of the day.
From what I hear in the US, their banking system is slow to innovate outside of fintech providers. Here in Europe, SEPA Instant Direct Transfer allows ACH transactions to be settled within at most 20 seconds.
- greenyoda 3y ago> From what I hear in the US, their banking system is slow to innovate outside of fintech providers. Actually, the FedNow system, which will provide very fast transactions, is currently being deployed in the US: https://www.frbservices.org/financial-services/fednow/about.html https://www.frbservices.org/financial-services/fednow/about....
- krupan 3y agoBitcoin wallets can also give you a notification instantly that your transaction is "moving through the system" if that's all you want. The real test of transaction settlement time is how quickly you can withdraw physical dollars from the bank