“If Google’s search engine started keeping bankers hours, people might take to the streets with pitchforks and torches. But a digital payment that takes over 72 hours to clear because you placed it on a Friday night? In the U.S., that’s the status quo.
At Bank of America, mobile payments take at least one business day to process. SnapCash, SnapChat’s new payment system powered by Square, completes transactions in one or two business days; cashing out on Venmo takes the same amount of time. With Google Wallet, it takes three or four. All these transactions go through the same Automated Clearing House network, or ACH, a system that’s over 40 years old.”
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