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Ravi Riley on X: "93 Trillion Dollar Text Files" / X

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To view keyboard shortcuts, press question mark View keyboard shortcuts Article See new posts Conversation Ravi Riley @ravi_riley 93 Trillion Dollar Text Files 14 16 82 1.8K Ever wonder why your paycheck takes three days to arrive? What actually happens when you pay rent? It's simpler than you think. The Automated Clearing House Every time you pay rent, receive your paycheck, or transfer money between bank accounts, you're using the ACH network aka the Automated Clearing House. It moved $93 trillion last year across the US financial system in over 35 billion transactions. It's also based on technology from the 1970s. Banks literally upload text files to the Federal Reserve. If you've ever wondered why bank transfers still take 3-5 business days in 2026, this will be comprehensive: the history, how it works, the future of payment networks (ACH improvements, stablecoins). Why was ACH created? The Automated Clearing House was created in the early 1970s to replace paper checks with electro

Ever wonder why your paycheck takes three days to arrive? What actually happens when you pay rent? It's simpler than you think. The Automated Clearing House Every time you pay rent, receive your paycheck, or transfer money between bank accounts, you're using the ACH network aka the Automated Clearing House. It moved $93 trillion last year across the US financial system in over 35 billion transactions. It's also based on technology from the 1970s. Banks literally upload text files to the Federal Reserve. If you've ever wondered why bank transfers still take 3-5 business days in 2026, this…

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