Three business days to wire $1b, the week before Christmas. That has to be a fun phone call with the bank.
On the bank side nothing really happens unless Figma decides it wants to withdrawal all 1 billion. Then X bank will owe Y bank money, that loan will be balanced at some point. It will probably take a few days so Figma will be told it needs a few days.
Even if Figma decides to pay all their employees a share, that's also just - 50k Figma, + 50k Bob Smith in a computer somewhere.
There is no actual exchange of money until stuff is balanced at some point or you withdrawal. It's all just 1s and 0s in a record.
Their latest report with the SEC would indicate how much “cash” they regularly have on hand.
That was at least so when we sold our company.
If you think im joking no I’ve designed it for major banks.
For a business like Adobe, yes. They’ll probably want a verification call. Plenty of funds, however, handle similarly-sized transactions with completely electronic verifications.
For large payrolls, it would be done over wire (between the employer and payroll processor). The employer has leverage and wants to keep the float.
For many payroll operations between big employers and payroll processors it’s an inner bank ledger transfer as the big payroll processors have good reason to maintain accounts at many banks.
Vice versa is also true. If you have a very large payroll your treasury team is not put out by having accounts at lots of banks.
This is common. But so are wires.