RetireJapan

Tkydon wrote: ↑Wed May 05, 2021 2:21 pm You placed the order after close of business on 27th.

申込日時 2021年04月27日 17時37分

Therefore, the institution will not accept and start processing your order until the following working day, the 28th.

You lost a whole day by placing your order after the close of business.

Then, a total of 8 of those days are non-business days; weekends (W) and Public Holidays (P)...
29th. (P), 1st. (W), 2nd. (W), 3rd. (P), 4th. (P), 5th. (P) , 8th. (W), and 9th. (W)

Indeed. I honestly forgot about Golden Week.

The strange thing is it looks like it shows as filled on 4/30.

Perhaps that is a system error, we`ll see at the end of trading tomorrow.

.

adamu wrote: ↑Fri Apr 30, 2021 7:53 am

jcherni wrote: ↑Fri Apr 30, 2021 4:25 am I work on a big IT company who provides systems for many of the banks

Can you tell us why Furikomis don't work after 3pm? (rhetorical question).

I know this was a rhetorical question, but I can actually answer that.
(I mean, I assume you are talking about furikomis in the actual branches, since furikomi on ATMs and IB can be done 24h per day since 2018)

This happens because money transfers do not happen directly between accounts, but are actually managed by the Domestic Fund Transfer System (Zengin). When you transfer money, your bank transfers to Zengin, and Zengin then transfers to the beneficiary bank, which then the beneficiary bank transfers for the beneficiary.
Basically it is like all financial institutions have an account on Zengin, and at the end of the day, Zengin makes the balance between all incoming and outcoming transfers of every one of these accounts.
Zengin performs this balancing (for hard cash transactions, that is) everyday at 16:15, which means that the banks need to finish all their operations before that. So once banking hours are over, people in the agency start compiling all the incoming and outcoming transfers, to report to Zengin on that day.
16:15 could be set on another later time, I think, but then people on Zengin would need to work "officially" after work hours, which would be bad from a legal standpoint.

jcherni wrote: ↑Fri May 07, 2021 1:23 am I can actually answer that.

Really interesting, thanks. I'd heard of Zengin before. But what's the difference that allows online services to work 24/7?

For example, I sent a transfer between SBI and Rakuten during golden week, and it arrived after a few minutes.
On the other hand, a transfer between SBI and Transferwise (SMBC) didn't show up until the next working day

I believe this depends on the system of each financial institution...

Zengin itself has been updated to work 24/7 in 2018, but if the originator/beneficiary bank only processes the transfers once per day, the money will only arrive in the account on the next day regardless.
(many banks quickly followed with updates on their own systems though, I remember there were even TV commercials for MUFG and such).

jcherni wrote: ↑Fri May 07, 2021 7:03 am I believe this depends on the system of each financial institution...

Zengin itself has been updated to work 24/7 in 2018, but if the originator/beneficiary bank only processes the transfers once per day, the money will only arrive in the account on the next day regardless.
(many banks quickly followed with updates on their own systems though, I remember there were even TV commercials for MUFG and such).

Even Yucho has instant transfers to security accounts. I assume they are the last to adopt a new standard.

Perhaps there are no actual fund transfers, just an agreement to credit clients until the next transfer can be completed by the institutions themselves?

All that would take is a confirmation of the available balance.