I want to be a Researcher but they're not accepting anymore.
Anyways, transfers are accomplished using the banking industry's
22-year old Automated Clearing House ("ACH") system. This is the same
banking system used to do direct deposit of your paychecks.
Since the ACH system is so broadly used, there are no additional steps
-- the money should simply show in your destination account at the end
of the third business day. Note, however, that financial institutions
may vary in how quickly they post the transaction into your account. A
bank's web site, for example, can often be a little slower to reflect
changes to your account than if you called the bank and inquired about
your balance.
The ACH Network refers to the U.S. nationwide Automated Clearing House
system. Originally developed by banks to help process checks in a more
efficient manner, it has now expanded to include other forms of
payment. Perhaps the most familiar use of the ACH Network is when you
arrange with your employer for direct deposit of your paycheck. The
deposits are made to your bank directly by your employer using ACH.
The first ACH processing began in 1972. According to the Electronic
Payments Association, billions of payments per year are handled via
ACH.
The statistics can be found
http://www.nacha.org/news/Stats/stats1989-99/stats1989-99.htm
Western Union uses a proprietary MoneyLink software that provides
instantaneous, error-free data transmissions. They have fully equipped
switching center processes transactions and provides centralized
accounting, tracking and control support services.
You can see what a typical Engineer (or Systems analyst) at Western
Union does here:
http://company.monster.com/westu/technology.html
Hope that helps,
--Wayne |
