The Bank That Closed at Half Past Three - gross against net, and the risk of waiting to settle

Three banks and one day of payments between them, settled two ways: every payment moved the moment it is made, or only each bank’s difference moved once, at the end. Under it, a curve of value promised but not yet moved, which is the whole price of the second way.

Before you start. From Your Balance Is the Bank's Debt - deposits, reserves and the run: a payment between customers of two banks is the two banks owing each other, and at some point they must square up. From Push, Pull and the Instant Transfer - batch rails, instant rails, and who can be tricked: you press send and the other person sees money in seconds, but the banks behind it settle on their own schedule. Every Litre Leaves One Tank and Enters Another - double-entry, normal balances and the trial balance helps: every movement is a pair of entries that sum to zero.