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A comment on Stripe can make automatic LLCs but a wire transfer from Citi nearly ended me. Parent comment

Re:Stripe can make automatic LLCs but a wire transfer from C... by astura on Wednesday January 15, 2020 @09:46AM (#22054547)
We all want to, but there's an inertia problem.

From some quick research there is approximately 6,799 banks in the US and 5,757 credit unions. That's over 12,500 entities that need to communicate with each other. It takes a massive political will (not to mention money) to update the legacy federal systems that tie it all together.

Here's some more information: https://www.npr.org/sections/money/2018/01/10/576879734/epis...

The UK has "over 300 banks" by comparison.

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Re:Stripe can make automatic LLCs but a wire transfer from C... by mixmastamyk on Wednesday January 15, 2020 @01:29PM (#22056909)
It's not that hard, and the absolute number is not that important, just that a majority decide to use it, forcing the rest.

I'm guessing USicans just don't realize the world has moved on. Large countries tend to be isolating and the US is no exception.

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Re:Stripe can make automatic LLCs but a wire transfer from C... by astura on Wednesday January 15, 2020 @08:40PM (#22060883)
I didn't say it was "hard," it's an inertia and funding problem.

We know how better it is in other parts of the world, we aren't dumb.

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Re:Stripe can make automatic LLCs but a wire transfer from C... by mixmastamyk on Thursday January 16, 2020 @12:41AM (#22061973)
Most Americans don’t know anything about banking in other countries.
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