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Might be technically possible from an app, but in the USA, the backoffice won't approve it without one-on-one interaction.
by TedDoesntTalk 3y ago
Might be technically possible from an app, but in the USA, the backoffice won't approve it without one-on-one interaction.
- JumpCrisscross 3y ago> in the USA, the backoffice won't approve it without one-on-one interaction For a business like Adobe, yes. They’ll probably want a verification call. Plenty of funds, however, handle similarly-sized transactions with completely electronic verifications.
- tsunamifury 3y agoYea I mean how do people think large companies do things like payroll which is easily more than this monthly.
- TedDoesntTalk 3y agoPayroll is done with ACH, not wire transfer. ACH is reversible so it has fewer controls. Wires are not (generally) reversable.
- tsunamifury 3y agoTechnical Protocol doesn’t matter we’re talking approval and liquidity here. ACH/Wire same dif.
- JumpCrisscross 3y ago> Payroll is done with ACH, not wire transfer For large payrolls, it would be done over wire (between the employer and payroll processor). The employer has leverage and wants to keep the float.
- kasey_junk 3y agoYou’d have to be a _very_ large payroll to have leverage over adp. For many payroll operations between big employers and payroll processors it’s an inner bank ledger transfer as the big payroll processors have good reason to maintain accounts at many banks. Vice versa is also true. If you have a very large payroll your treasury team is not put out by having accounts at lots of banks.
- JumpCrisscross 3y ago> it’s an inner bank ledger transfer This is common. But so are wires.