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The Billion-Dollar Beep: Inside the Financial Cascade
When you hear the beep of a credit card reader, you are witnessing the start of a massive, multi-day financial journey known as "the cascade." This episode dives into the hidden plumbing of global finance, uncovering the roles of clearinghouses, the reality of swipe fees, and the powerful institutions that control the movement of money. We examine why digital transactions still take days to settle in 2026 and how a record $198 billion in fees has sparked a fierce battle between banks, merchants, and regulators. From the rise of real-time rails like FedNow to the challenges of AI-driven…
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