Catching Up with Belgian Banking in the 90s

My bank recently sent the following breathless announcement:

"Great News! Effective May 2008, we're enhancing Online Bill Payment to offer you faster payments. In most cases, you'll be able to pay your bills in as little as 24 hours."

Well, gee, that was fast. I've been using online banking for about 10 years, and in all that time, the bank insisted on taking 5 business days between my placing an order and their being ready to deliver money to the payee -- just like the old days of the "float" in paper-based checking accounts. Even after the laws required faster processing of actual checks, electronic payments preserved this quaint custom of the 5-day wait!

I always found this frustrating, because back in 1993-94 when I lived in Belgium, it was possible to send instant electronic payments not only to big businesses but to corner shops, friends, and scout den leaders, anyone! -- and the transfer was overnight! Like most Americans, I assumed we had the most advanced of everything, but the silly little country of Belgium was miles ahead! (Thanks to this system, we went from writing 50-60 checks a month to maybe 5 or 6!)

Meanwhile, back in this country, it seems now we are finally able to make electronic payments that actually reflect the technology behind them! Why did it take so long? Presumably because the banks could get away with it -- I wonder who was using that money from the time it left our accounts to the time it reached its destination 5 days later. I'm sure the change from my bank reflects more consumer-friendly practices of upstart customer-centric banks, and the old guard has finally decided to fall in line.

But not without a little self-congratulation: "It's just another way [bank] is working to make banking better for our valued customers." Gee, thanks!