Re: [tlug] Accounting Systems and Speed of Reconciliation

[CF <theworldinunion@example.com>]

> Personally, I suspect the inability to place orders for anything  
> more complicated than what's available is simply the bank cutting  
> down on user error as much as possible.


It's not just that. For example you earn 50 cents of interest per day  
on a lump sum of money. If you put it into a bank to be transferred  
the next day, who gets this interest? You? The transferring bank? The  
recipient? You serve 1 million customers and this becomes a nice sum  
of money.

If it's left over the weekend, is it a 1 business day interest or a 3  
actual day interest? Again, depending on country and type of  
transaction.

Yes, rules can be set. But overnight (especially over the weekend)  
transactions are more complex than most people would think. And you  
need to keep track of this 50 cents in the system, where tomorrow it's  
not worth 50 cents anymore.

Then you add in foreign exchange movements and the inability to hedge  
perfectly, ooooh ..... :-)

Chiew