Comments on: Money transfer in movies

By: Nandz

Nandz — Thu, 20 Oct 2005 10:21:08 +0000

Well, with my recently gained ‘expertise’ in financial transactions, I can say that very few transactions are completed in a few minutes, let alone few seconds as shown in the movies.

From the time a user gives his/her assent for a transaction it may take anywhere from one to three days for the transaction to be completed (T+1 or T+3 closing). Increase the delay and complexity when the transaction is taking place across borders with the amount being a billion plus dollars!

In India too, you need at least one working day to realize inter-bank e-transfers!

Just my two cents…

Nandz.

By: diwaker

diwaker — Wed, 19 Oct 2005 00:59:04 +0000

Anton: you raise an interesting issue. This is largely an HCI problem I guess. That as humans, we are psychologically conditioned for something “big” like a money transfer to take some time. And perhaps it gives us some reassurance that we can actually _see_ the progress bar moving.

I’ll try to find someone who has a more authoritative answer to this. BTW, was your double-comment intentional or accident? Just want to make sure nothing is broken at my end.

By: Anton Tagunov

Anton Tagunov — Mon, 17 Oct 2005 08:23:34 +0000

Hmm… it’s something I’ve been very intereseted in too. It seems to I’ve heard (from a very knowledgeable guy I can trust) that it really happes in some way like that. According to that guy the thing of course was not because piles of data were transferred. The thing alligedly is that the UI is really progress bar style to give people at the terminal time to realize that they perhaps are doing something wrong and give them time to terminate transaction if necessary. And I really don’t remember what should happen if transaction is terminated 99% complete – perhaps it really should roll all the way back. Again: I’m nowhere 100% sure. I would like to hear from somebody who really knows this thing for sure.

By: Anton Tagunov

Anton Tagunov — Mon, 17 Oct 2005 08:22:19 +0000

Hmm… it’s something I’ve been very intereseted in too. It seems to I’ve heard (from a very knowledgeable guy I can trust) that it really happes in some way like that. According to that guy the thing of course was not because piles of data were transferred. The thing alligedly is that the UI is really progress bar style to give people at the terminal time to realize that they perhaps are doing something wrong and give them time to terminate transaction if necessary. Again: I’m nowhere 100% sure. I would like to hear from somebody who really knows this thing for sure.