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It's because when you do transfers, the banks will reconcile their accounts at the end of the day (e.g, if one bank deposits more to another, they will need to
by chii 2y ago
It's because when you do transfers, the banks will reconcile their accounts at the end of the day (e.g, if one bank deposits more to another, they will need to make up the difference with their own capital).
These cutoff means banks have certainty about the transaction, as these reconciliation is batched, rather than real time.
- hinkley 2y agoI think a better take on this may be credit cards. And an old classic article, “your coffee shop does not use two phase commit” https://ieeexplore.ieee.org/document/1407829 https://ieeexplore.ieee.org/document/1407829