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donkulator19020hThere must be a vaguely adequate system that can tell them where the money is, otherwise the whole company would disappear up its own arse.
They won't make that functionality available to end users because the more efficient things are the less scope there is for corruption. -
Lensflare1916120hMaybe they have troubles processing the countless transactions of millions of dollars from princes.
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atheist1068420h@donkulator most of the developed world's banking system runs on cobol. This is something less developed countries have an advantage on.
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D-4got10-01124010h@Lensflare Found both of your comments funny.
But if you want to up your game, you need to invest in a FunnyBot. I hear it's killing it.
https://youtube.com/watch/... .
/jk
Related Rants
I don't know about your country but this feature is novel among Nigeria's financial institutions. What usually happens in a typical bank app is same as above: fields are provided for entering account details. There is no way to know the outcome of the transfer until it's made. If it fails in transit (often, you're debited but the recipient gets nothing), you might get a reversal if you're lucky, after an indefinite period of time. Otherwise, you have to take it up with your bank or the recipient's bank. Or worse, with the central bank, when the first two are not being helpful enough
Enter this new generation fintech (Opay). They offer an addition that impresses all customers: after selecting the bank, a popup appears that notifies you on the stability of the receiver's network. Someone sent me this screenshot seeking my permission or provision of another bank. I didn't think much of it and asked them to proceed. To my surprise, transaction failed and their money instantly reversed
Those traditional banks clearly have no api for health checks, otherwise they'd all adopt it within their own apps. So, how is this possible? My only guess is that Opay maintains their own health checks system that is updated maybe by periodically pinging those banks with nominal fees like N1 and verifying whether money was received
It's obviously primitive but I doubt traditional bank apis return a failure response (since none currently tells you when transaction failed). So you'd have to rely on workarounds emulating manual and automated testing
To those in the fintech sector or with a faint idea of what's going on, can you explain?
question
fintech
transaction