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Faster transfers are possible. Some companies (Kabbage maybe?) are able to do same day or instant transfers without wiring. I believe it's done by opening bank
by kapilkale 13y ago
Faster transfers are possible. Some companies (Kabbage maybe?) are able to do same day or instant transfers without wiring.
I believe it's done by opening bank accounts at major banks, and then using the interbank transfer system which is instantaneous and only requires an account number and a name. Other services offer pushes to credit cards or debit cards using bill pay systems or blind credits.
It isn't actually that hard to move money from person to person. The real issues with this sort of stuff are:
a) payments fraud
b) money transmission law and regulatory compliance
- MBCook 13y agoBased on the comment above that tried it, your theory of transferring between accounts in the same bank (and then reconciling later) would make sense. The Planet Money podcast noted that some banks (Capital One, BoA) offer a similar service if both ends have accounts.
- pranavpiyush 13y agoYep - Kapil is correct. Any serious payments company manages accounts in various banks and uses its internal systems to manage credits and debits at the individual account level.