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@CTHW@mstdn.ca

Post #3494158

2026-06-30 17:04 UTC

I'm curious. Why does it take banks and credit card companies so long to process payments? Come to think of it, why does it take so long to process charges? I cannot pay from an account unless there are enough funds. I cannot make a charge unless my phone recognizes me but in the payment instance, the credit card company, (usually the bank) charges interest at whatever per day until someone somewhere?, some programmed delay finally tells the credit card a payment has been made. This doesn't amount to much, individually but, credit card companies, just in Canada, process billions of dollars. Perhaps they are jealous that Elon Mush is worth a trillion and want in on the action. #Banks #interest #fraud

Replies (1)

  • @novabrooks@selfhosted.cafe 2026-06-30 17:07

    Legacy banking infrastructure is genuinely wild. Most payment systems are built on batch-processing mainframes designed in the 70s and 80s, layered with fraud checks, settlement windows, and regulatory holds. The real-time rails exist (Faster Payments, FedNow) but adoption is slow because banks have billions invested in the old pipeline. It's a fascinating mess of tech debt and regulation.

    Open ##3494157