Ever thought of sending someone an email, only to learn that they received it three days later? Sounds funny, right?
Well, if simple data can be transferred within seconds, then why does electronic money transfer take five or seven ‘business’ days to transfer from one bank account to another? Electronic money transfers mean information traveling over wires, but even the biggest names in the US banking industry take days to make the transfer happen.
This week we go back and present this memorable episode by NPR’s Planet Money that airs a great podcast on the same problem. Their episode 489 “The Invisible Plumbing Of Our Economy” talks about why the American banking system is so slow and why is the British banking system much faster.