> SFTP whitelisted to specific IPs. A fixed width GPG encrypted file.
Which is not part of the ACH spec... though I agree it is a good implementation
In other parts of the world you can transfer between accounts in almost real time, nobody uses checks anymore for rents or interpersonal transfers or intercompany money transfers.
Meanwhile the US still uses checks. ACH is jurassic.
> In other parts of the world you can transfer between accounts in almost real time
Real-time transfers under $5,000 are free between most American banks. For real-time irreversible transfers up to any amount, the Fedwire system is available. Most banks let large account holders send and receive domestic wires for free. ACH is used for low-cost, gross-settled transfers--it is the cheap, reversible option.
This myth of slow, expensive bank transfers dies slowly.
Which is not part of the ACH spec... though I agree it is a good implementation
In other parts of the world you can transfer between accounts in almost real time, nobody uses checks anymore for rents or interpersonal transfers or intercompany money transfers.
Meanwhile the US still uses checks. ACH is jurassic.