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The complexity of this protocol seems to match its needs. I don't really get the issue. FTP and the file format come off as old-sounding but so what?

Why can't this just be batched faster anyway? Improve the hardware, run the batches every 30 seconds, and it's just like instant systems? I know there must be a reason but I'm curious why it is.

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When money takes time to go from A to B, who do you think gets to use the money? Yes, the banks. They are all set up to make money from your money, by lending it out at attractive overnight rates.

Is that a problem? Perhaps, but you've been trained to tolerate it, because you have no choice. Multiply your money by tens of millions of bank customers, and you begin to see the size of the opportunity.

Is it any wonder the status quo has lasted for so many decades since the invention of the computer?

“It is difficult to get a man to understand something, when his salary depends on his not understanding it.”

― Upton Sinclair

Attractive is a stretch https://apps.newyorkfed.org/markets/autorates/SOFR, granted rates are historically low but today a bank will earn $25 overnight for every billion lent out. Not really a cash cow. Maybe that’s why there is finally some progress.

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