I have another idea from a bad experience today. Why is it we are still using the same check routing system from the last century? The routing transit system was created a CENTURY AGO! Does anyone here use a candlestick phone? Do you get your stock quotes off ticker tape? How's the fuel economy on your Model T? There is absolutely no reason it should take days to process a check when I can send a text message anywhere on the planet in a matter of seconds. There are billions of electronic payments made each year and they total several hundred billion. If you can invent a system where payments are made instantaneously, the world will beat a path to your door.
My uninformed assumption is that there is no technical reason why this couldn't happen for most banks tomorrow. It's the way it is because they want it that way.
I would support that assumption. Been there done that, banks are not excited about touching any of their back end systems. They are mostly still written in COBOL and haven't been touched since the '70s.
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I have another idea from a bad experience today. Why is it we are still using the same check routing system from the last century? The routing transit system was created a CENTURY AGO! Does anyone here use a candlestick phone? Do you get your stock quotes off ticker tape? How's the fuel economy on your Model T? There is absolutely no reason it should take days to process a check when I can send a text message anywhere on the planet in a matter of seconds. There are billions of electronic payments made each year and they total several hundred billion. If you can invent a system where payments are made instantaneously, the world will beat a path to your door.
My uninformed assumption is that there is no technical reason why this couldn't happen for most banks tomorrow. It's the way it is because they want it that way.
I would support that assumption. Been there done that, banks are not excited about touching any of their back end systems. They are mostly still written in COBOL and haven't been touched since the '70s.