A vibrant financial sector is fertile ground for strong economic foundation. Banking and finance institutions have often relied on archaic software to serve as the economic centrepoint of transactions, safekeeping of assets, with dire requirements for user identifications. Where the financial sector had been operating on status quo, it is now on the point of disruption.
Greifeld raised a valid question, given that in a world full of people with instant messaging with one another, settlement periods remain arduously long. The situation remains particularly surprising since financial institutions are widely perceived to be at the forefront of technological adoption.