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will we ever get 24hr banking?

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  • 21-03-2014 6:24pm
    #1
    kristian12
    Registered Users Posts: 361 ✭✭


    Yes I know they say we have it however even with sepa its not truely 24hrs. If we transfer money or are waiting for it to appear in the receiving account its still taking 24 hrs to appear. I know there has to be a processing time but in this day and age there is no reason why money paid or transferred on friday evening cant be in accounts over the weekend.


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    #2
    nlgbbbblth
    Closed Accounts Posts: 5,668 ✭✭✭nlgbbbblth


    Transfers between different banks?

    If so, no.

    Different systems, don't share information etc.


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    #3
    kristian12
    Registered Users Posts: 361 ✭✭kristian12


    nlgbbbblth wrote: »
    Transfers between different banks?

    If so, no.

    Different systems, don't share information etc.

    Yes that's what i meant sorry. I know i just think in this day and age of modern technology it's a shame especially when introducing sepa. That would have been the perfect time to think about doing it.


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    #4
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,280 Mod ✭✭✭✭Jim2007


    kristian12 wrote: »
    Yes I know they say we have it however even with sepa its not truely 24hrs. If we transfer money or are waiting for it to appear in the receiving account its still taking 24 hrs to appear. I know there has to be a processing time but in this day and age there is no reason why money paid or transferred on friday evening cant be in accounts over the weekend.

    Computers are machines like any other... there is a need for maintenance and that has to be slotted in somewhere, the weekend and at night are the only opportunities to do that.

    The only way to give you true 24 hour service would be to build massive redundancy into the entire system and would result in fees sky rocketing and customers seem to be unwilling to meet the costs.


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    #5
    JTMan
    Registered Users Posts: 5,540 ✭✭✭JTMan


    I agree that real-time intra-bank transfers are not on the medium term horizon.

    Perhaps, the next step, eventually, in intra-bank transfers will be 12 hour windows for transfers rather than SEPA 1 business day windows.


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