A fun thing that comes up again and again in finance is path dependence of technology choices. Example: https://www.zengin-net.jp/en/announcement/pdf/announcement_20161110_summary_e.pdf …
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Replying to @patio11
"Why does it require a second system entirely duplicative of the first system to make banks usable after 3 PM?" Ubiquity and holdouts.
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Replying to @patio11
Absolute ubiquity of zenkin (approximately ACH) is in the interest of all banks. A few banks can't do 24/7 because of legacy mainframes.
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Replying to @patio11
So the choice is either a) build an entirely new system or b) revoke the assumption of ubiquity for all users. b unacceptable, so a chosen.
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You can see similar dynamics with e.g. checks, which are a product the banking industry would happily kill in the US, but can't.
3:01 AM - 10 Jan 2017
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