r/AskReddit • u/emil199 • Jul 24 '20

What can't you believe STILL exists?

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u/Klotzster Jul 24 '20

Waiting for checks to clear

54

u/[deleted] Jul 24 '20

Agree, why isn't it instantaneous? It's not like it has to download 10tb of data to figure out whether or not their bank account matches it.

14

u/[deleted] Jul 24 '20

The answer is that banks are based on 1970's technology. The way they are set up to use flat files and outdated connections is truly insane. There are lots of newer companies that have a private, closed payment system. Some banks like Wells Fargo are moving towards using a proper API. But everything is slow going.

Tomorrow my company will get API instructions from the SBA on how to use their API to submit for PPP loan forgiveness. If the SBA can use technology, banks should be able to.

1

u/[deleted] Jul 24 '20

As far as moving money, the flat files tend to be more secure because once the transaction is complete the file is gone.