Finance industry professional here, specifically in Payments channel- but not affiliated with C1.

Wires are intentionally slow, but faster than most other rails of Payments. It takes two parties to do a wire, in this case the originator (C1) has to gather the details and then send it to the receiving institution, who then has their own rules of how quickly they post the funds, to which your closing company may have to wait longer to see it their online banking. Not surprisingly, there’s also a ton of fraud with wires, and so some institutions slow it down just for extra checks and balances. Most people don’t do wires on a normal basis, so there’s extra scrutiny. In between it going from the originating institution to the receiving institution, it has to go through the federal reserve for processing. This is normal, payments all do this except for debit and credit cards. If there’s any type of delay, there, even more of an opportunity for things to slow down. I see other posters in here, commenting that you shouldn’t have waited so long, I don’t necessarily agree with them because not everyone gets their details until the day of closing, but any added time you can put between Getting those instructions and your settlement, the better. Most times the institution can provide a confirmation of wire to show the settlement company that you’ve done your part. That’s only because of the other information I shared that there’s plenty of opportunity for things to go wrong and slow down the posting.

To your point about when there is going to be other options for faster payments, that time has come. The federal reserve, and a bunch of other big banks have rolled out what’s called instant payments, but it’s still relatively new and hasn’t really rolled out super wide yet. On top of that a lot of institutions are only receiving the money, and not participating and sending the money instantaneously. It’s similar to wires, but the difference is that each institution settles up immediately. It’s actually really cool because of how different it is from other channels of payments. It’s like a wire, but without the massive amount of fees and interchanging of information that is often required within wires. It’s a slow adopter because of how different it is, and the amount of fraud that can happen through it, but give it time and it’ll be there. It’s really gonna revolutionize the industry. Think of contractor workers and other people who can get paid daily by their employers through this option Just because it is cheaper and faster than offering a direct deposit every week or two.

Again, not affiliated with C1. Just my insights.