No idea which bank you used where a payment took 5 days (are you American?). I made a high five figure payment online when buying a property and it was in the destination account the next day.
Crypto bros really have to drop the idea that it's going mainstream by allowing people to transfer money. Crypto is NOT easier or safer for anyone than a faster payment in the EU/UK. Unless you are doing something illegal.
that’s probably CHAPS as well then as FP is within 2 hours. still a a lot slower than crypto’s 30-60 seconds, and extremely opaque process that could have taken additional days without any information to the customer.
but undoubtedly, both CHAPS and FP are very fast and inexpensive, and some of the best systems in the world for interbank transfers. unfortunately it only works from one UK bank to another UK bank, which makes up a small portion of global population. even within UK you will often have need to pay somebody who doesn’t have a UK bank.
Crypto bros really have to drop the idea that it's going mainstream by allowing people to transfer money. Crypto is NOT easier or safer for anyone than a faster payment in the EU/UK. Unless you are doing something illegal.