many wires will be multi days long, encumbered by weekends, holidays, business hours, international checks, and occasional bounces (ask any company their experience with wires for international contractors).
Zelle is between US banks only. some people live outside of the US, surprisingly.
The EU has now mandated fast transfers between banks in the EU.
So, for EU (23 countries) it's not a problem either.
Sending money between banks is both a technical and a regulatory issue (and crypto is discovering why regulations exist at great cost to crypto users). However, "instant money transfer between banks" is not an unsolved issue.
large (> 10K) bank and wire transfers within UK and EU are still in the order of days, not seconds. the last large bank transfer I did took 5 days without any way for me to track this transfer. the same amount I was able to transfer within crypto networks in 30 seconds and the transaction progress and it’s validation status was visible for the entire duration.
the EU and UK banking system is far better than the US but still it is not a global payment processor network and API, hence why the web even in EU and UK relies on Stripe, visa, Apple Pay and PayPal and their corporate and centralized infrastructures. building an alternative infra that is not based on a single corporate entity is net positive for the world long term
dmitriid|3 years ago
So, for EU (23 countries) it's not a problem either.
Sending money between banks is both a technical and a regulatory issue (and crypto is discovering why regulations exist at great cost to crypto users). However, "instant money transfer between banks" is not an unsolved issue.
web4|3 years ago
the EU and UK banking system is far better than the US but still it is not a global payment processor network and API, hence why the web even in EU and UK relies on Stripe, visa, Apple Pay and PayPal and their corporate and centralized infrastructures. building an alternative infra that is not based on a single corporate entity is net positive for the world long term