this post was submitted on 15 Jul 2023
49 points (98.0% liked)
Asklemmy
44151 readers
1859 users here now
A loosely moderated place to ask open-ended questions
Search asklemmy ๐
If your post meets the following criteria, it's welcome here!
- Open-ended question
- Not offensive: at this point, we do not have the bandwidth to moderate overtly political discussions. Assume best intent and be excellent to each other.
- Not regarding using or support for Lemmy: context, see the list of support communities and tools for finding communities below
- Not ad nauseam inducing: please make sure it is a question that would be new to most members
- An actual topic of discussion
Looking for support?
Looking for a community?
- Lemmyverse: community search
- sub.rehab: maps old subreddits to fediverse options, marks official as such
- [email protected]: a community for finding communities
~Icon~ ~by~ ~@Double_[email protected]~
founded 5 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
Can you elaborate? Any links you can point to that explains more? I've always wondered how that all worked. Seems like there way more human involvement than there probably should be for something which seems like it should be as simple as sending an RPC...
At least at our institution, the code to track and manage incoming and outgoing wires was so old that it ran on at least 4 layers of emulation. Of course, not a single person knew how to maintain it (and this is a billion dollar financial institution).
But after a wire is sent, especially to smaller, non-us banks, it can literally be received via teletype or fax with relevant account information and recorded by hand at the receiving bank.
If you send to the wrong route or account in that instance, it basically disappears for you and you need to contact the receiving bank, which sometimes uses and intermediary bank,. If that's the case, you need to find the intermediary bank and find the exact person who wrote it down, who then can find, hopefully, what account the money went to and fix the problem. This does not work 100% of the time.
It's ludicrously analog and prone to errors and it's amazing it works at all.