nout on Nostr: Now, did you know that these type of international transactions (especially SWIFT ...
Now, did you know that these type of international transactions (especially SWIFT interbank settlement, but individual too) are done manually by ladies sitting in an office. They run windows laptops where they run another Windows virtualized in VMware and there they run MS-DOS application wrapped in Windows app (Ibis is an example).
Every morning they print the transactions they need to do that day on a stack of papers (around 60 transactions per person per day), then they start writing the transactions manually into the MS-DOS application. They use a lot of shortcuts, but it still takes time and they make mistakes. Depending on a country, but e.g. Spanish banks make up to 30% mistakes that then have to be fixed the next day.
Every morning they print the transactions they need to do that day on a stack of papers (around 60 transactions per person per day), then they start writing the transactions manually into the MS-DOS application. They use a lot of shortcuts, but it still takes time and they make mistakes. Depending on a country, but e.g. Spanish banks make up to 30% mistakes that then have to be fixed the next day.