recurring balance?
in [Programming SQL]
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From: --CELKO-- on 24 Mar 2010 12:35 >> the problems that you are likely discussing regarding payroll are likely the effect of check clearing and the cash forward service offered by many retail banks. The problem relates mostly to the inter-institution delivery of physical currency, and the way that many banking systems book transactions, but has nothing to do with the client liability or accounting except in the minds of those forget that the bank is _paid_ to take that risk. << That world is changing rapidly. Back when I worked at the Federal Reserve and the EDP departments (remember that term?-- Ghod, I'm old!) of some banks we had Fed Wire and it cleared 99.98+% of all checks that were going to clear did so in less than 24 hours. The float was the banks holding onto money for the legal time limit, and making good use of the weekends. And physical currency was a problem. Earlier this year, I talked to Woodforest Bank (the bank inside Wal- Marts). They are looking at a future with 24/7/364 banking (one day per year for system maintenance), with your account in real time via the Internet, sending you balances in a daily email or on demand and transactions clearing instantly. And physical currency is almost non- existent. The ATM that scans a paper check and processes it as an electronic deposit is already here, complete with nice TV ads. The third largest money supply in the US is coupons -- really! In fact, counterfeiting them was one way terrorist groups financed themselves. The next frontier in banking is integrating coupon clearing into the banking system. That was one of my more unusual consulting gigs -- changes in bar codes, shredders on POS systems, etc.
From: m on 24 Mar 2010 22:40 Hmm... sounds a lot like Icesave! Incidentally, do you know how they intend to handle the interest on days excluded by US day count convention? How would you update the cash balances in such a schema? "--CELKO--" <jcelko212(a)earthlink.net> wrote in message news:1b3b4fcd-976e-4d63-aa86-6e3b8900c5a4(a)w39g2000prd.googlegroups.com... >>> the problems that you are likely discussing regarding payroll are likely >>> the effect of check clearing and the cash forward service offered by >>> many retail banks. The problem relates mostly to the inter-institution >>> delivery of physical currency, and the way that many banking systems >>> book transactions, but has nothing to do with the client liability or >>> accounting except in the minds of those forget that the bank is _paid_ >>> to take that risk. << > > That world is changing rapidly. Back when I worked at the Federal > Reserve and the EDP departments (remember that term?-- Ghod, I'm old!) > of some banks we had Fed Wire and it cleared 99.98+% of all checks > that were going to clear did so in less than 24 hours. The float was > the banks holding onto money for the legal time limit, and making good > use of the weekends. And physical currency was a problem. > > Earlier this year, I talked to Woodforest Bank (the bank inside Wal- > Marts). They are looking at a future with 24/7/364 banking (one day > per year for system maintenance), with your account in real time via > the Internet, sending you balances in a daily email or on demand and > transactions clearing instantly. And physical currency is almost non- > existent. The ATM that scans a paper check and processes it as an > electronic deposit is already here, complete with nice TV ads. > > The third largest money supply in the US is coupons -- really! In > fact, counterfeiting them was one way terrorist groups financed > themselves. The next frontier in banking is integrating coupon > clearing into the banking system. That was one of my more unusual > consulting gigs -- changes in bar codes, shredders on POS systems, > etc. >
From: --CELKO-- on 25 Mar 2010 12:38
>> do you know how they intend to handle the interest on days excluded by US day count convention? How would you update the cash balances in such a schema? << I have no idea how this is going to work. But it sounds like a lot of work for the lawyers and the accountants. I am just the "database guy" and "big concepts/generalist" in this new world. Have you seen the March issue of WIRED? The cover article is "Money Wants to be Free" and it deals with how instant internet pay systems are breaking up the banking/credit card cartels. Twitpay, Zong, PayPal, iTune, Square, GetGiving, Hub Culture, etc. are so much cheaper for merchants and easier for users. |