Why does it still take 5 damned days for a transaction to "clear" when I move money from one account to another? Has anyone actually ever challenged any banks/building societies to justify this delay?
I think this is because a lot of the systems that do the donkey work of transaction processing and electronic money-moving are big old legacy batch-processing applications on big old irons. The cost of updating these systems (and the organisations that maintain them) would probably be horrific. I'm guessing that the value - in terms of profit - for the banks that would have to do it, rpobably just doesn't make it worth it.
A bigger question. (Score:3, Interesting)
Re:A bigger question. (Score:2)
The cost of updating these systems (and the organisations that maintain them) would probably be horrific. I'm guessing that the value - in terms of profit - for the banks that would have to do it, rpobably just doesn't make it worth it.