I'm wondering how does the banking transactions work. It is very hard to find some at least acceptable explanation. I dont mean some basic distributed transaction algorithms for not that serious businesses.
So what kind of measures must bank take to keep consistency, to never loose not a single penny.
What about internacional transactions, transactions between banks.
Data consistency across the whole world - not to withdraw all the money in NY and then repeat in Tokio once again..
And any epic failures documented throughout recent history?
I will be very gratefull for all the answers.
International inter-bank transactions are usually done using the Swift network, which started operations in 1977 (was founded in 1973). Before that ... it was Telex.
Swift traffic peaks of 16M high security messages per day.
Access to most Swift documentation is provided only to partners and banks, but perhaps the Wikipedia page, and some other info you can collect from the Internet may satisfy your curiosity.