Timeline for Why are bank transactions not instant?
Current License: CC BY-SA 3.0
9 events
| when toggle format | what | by | license | comment | |
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| Jul 14, 2021 at 19:49 | comment | added | user12515 | @DanDascalescu If you call doing quadtrillions of SHA256 hashes "simple" | |
| Oct 25, 2016 at 19:14 | comment | added | Jernej Jerin | Agree, especially underlying technology called Blockchain deals particularly with issue of establishing trust between different parties. | |
| May 8, 2015 at 4:36 | comment | added | Dan Dascalescu | Bitcoin resolves this ridiculous situation very simply. | |
| Oct 17, 2014 at 17:19 | vote | accept | norbertVC | ||
| Oct 7, 2014 at 6:41 | comment | added | Peteris | @raptortech97 the usual order for each interbank settlement step requires a full business day - it gets credited to the bank's account in some foreign institution; they get an official account statement at end of day; reconcile the data and then can proceed further. Time zone differences and holiday differences complicate the issue further. 5 business days is on the extreme end though, 1-2 days are reasonable for most well-connected institutions. | |
| Oct 6, 2014 at 23:57 | comment | added | raptortech97 | Okay, but for any pair of institutions that have a bilateral agreement, the transfer should be pretty quick, right? On the order of a couple of seconds or minutes, not a couple of days? And then a chain of agreements would take maybe 15 minutes, not 5 days. Why can't each of these transactions happen quickly? | |
| Oct 6, 2014 at 11:42 | history | edited | Peteris | CC BY-SA 3.0 |
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| Oct 6, 2014 at 11:35 | history | edited | Peteris | CC BY-SA 3.0 |
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| Oct 6, 2014 at 11:26 | history | answered | Peteris | CC BY-SA 3.0 |