Re:Robinhood denies claims that it sold GameStop shares out ...
by londons_explore on Saturday January 30, 2021 @04:07AM
(#25967523)
It's time the US got instant wire transfers. Most of the rest of the world has it. Being able to wire money to a friend and 5 seconds later their phone goes 'ding' and they can spend that money is really a requirement of basic functional banking.
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Re:Robinhood denies claims that it sold GameStop shares out ...
by kube-system on Saturday January 30, 2021 @07:03AM
(#25968412)
The US does have instant wire transfers. But banks usually charge for sending them, so people prefer to send payments with the cheaper ACH network.
Re:Robinhood denies claims that it sold GameStop shares out ...
by satellite2 on Saturday January 30, 2021 @10:33AM
(#25969857)
The system you mention is the same. Clearing is done at the end of the day.
All that is exchanged during the day are IOUs (debt) and if one player in the chain goes bankrupt during the day the central bank might cover its debt up to some limit.
We haven't had any major crisis since those instant pay apps were put into place. So those aren't really battle tested systems and I guess we'll only effectively discover how resilient they are during the next crisis...