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Comment by delusional

2 days ago

I'm a banker. What you're looking for here is called "interbank clearing". In europe that would be SEPA[1]

But yes, most clearing is done daily. Each bank basically submits their daily flow of money to each other participating bank, and the central ACH (Automated Clearing House) keeps track of the balances. There's some processes in there by which banks can dispute charges, which is super interesting, but also way to complicated for me to detail here.

[1]: https://www.europeanpaymentscouncil.eu/what-we-do/epc-paymen...

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delusional

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wildylion  1 day ago

Side question, but what happens if there's a technical error with the service provider that leads to double spending?

Example: we bought tickets worth 300 EUR from Deutsche Bahn, they were hit by a DDoS and couldn't complete the transaction.

We got charged *twice* (i.e. 600 EUR and not refunded yet. AND no tickets!!!

Now they claim all they can do is to give us 600 EUR in vouchers (that are not even transferrable).

Would a Chargeback work in this case?

And my friend (who's ordered the tickets) has a very traditional bank that only gives a statement monthly, and probably accepts claims on every 29 of February, between 7 and 8 AM and only by fax (IYKYK those German companies...)