A simple explanation of how money moves around the banking system | Richard Gendal Brown: In my expecience, almost nobody actually understands how payment systems work. That is: if you “wire” funds to a supplier or “make a payment” to a friend, how does the money get from your account to theirs?
In this article, I hope to change this situation by giving a very simple, but hopefully not oversimplified, survey of the landscape.