If anyone's looking for API access to UK high street banks: https://teller.io
Thanks! Founder here. Currently in private beta, but if you're with Santander, Nationwide, RBS, Natwest, Ulster Bank NI, or IOM Bank I can give you access - sg@teller.io.
Root – Programmable bank account for software developers
41–50 of 427 posts
Re: Root – Programmable bank account for software developers
#42Earlier quoted context omitted.
What about the Uber example? That's seem pretty cool. But I think the problem it's attempting to solve is that without Root a bank must implement any kind of features that you may want, Root you allows you to implement any features you want. Although I can't decide whether this is an amazing thing, or a terrible terrible thing.
> What about the Uber example? That's seem pretty cool. edit: I didn't see the Uber example, so I was working off an incorrect premise. It actually makes sense. How would that work in real life? Uber doesn't charge you before your ride is complete, and at that point your payment would bounce, and now you're in trouble. Ditto for fast-food diet; nobody's going to be happy when you walk up to the counter at 16 Handles…
> How would that work in real life? Uber doesn't charge you before your ride is complete, and at that point your payment would bounce, and now you're in trouble.
Well in the Uber example you're allowing payments to Uber, not denying them.
But you do have a very good point about denying pay-after-use type transactions, I'm not really sure what they're doing about that.
Re: Root – Programmable bank account for software developers
#43What problem does this attempt to solve? Their slack example doesn't seem particularly pressing.
Analyse your spending habits to see where you can easily save some money is one example.
Re: Root – Programmable bank account for software developers
#44What problem does this attempt to solve? Their slack example doesn't seem particularly pressing.
Regulating the spending of my teenage daughter is the first thing that came to mind.
Is that any harder than setting her up with her own account and a periodic transfer of $amountYouWishToRestrictHerSpendingTo money into said account? Both of these are available at any bank, methinks.
Re: Root – Programmable bank account for software developers
#45People asking about what problem this solves haven't been to South Africa or Zimbabwe which in some ways are ahead of the West in creating cashless societies.
The biggest bank is a phone operator and people can send each other money over the phone and from what I understand this is very common. Also interestingly most phones aren't smart phones. It's mostly analog. Banks have a serious incentive to create and encourage cashless societies -- because they're limited by the liquidity ratio.
People there are more skeptical of hard cash there while here it's nearly on par with Gold in terms of confidence.
I don't think I've to explain offering an API allows third party engagement and endorsement and an opportunity for others to grow their service. Yes there are security concerns but these can be all secured from backend.
Re: Root – Programmable bank account for software developers
#46What problem does this attempt to solve? Their slack example doesn't seem particularly pressing.
Analyse your spending habits to see where you can easily save some money is one example.
My BofA account has a whole spending habits section with graphics and charts and a ton of features, for free, which comes with my debit account. Why would I want to do all this myself?
The only real answer is privacy, but I would just use BTC instead of USD if I wanted privacy anyway, and BTC is already programmable.
Re: Root – Programmable bank account for software developers
#47What problem does this attempt to solve? Their slack example doesn't seem particularly pressing.
Analyse your spending habits to see where you can easily save some money is one example.
Isn't this one of those things where if you're conscientious enough to want to spend time sorting this out and building up an analysis you're probably already the kind of person that doesn't have completely wild and untracked spending habits?
Re: Root – Programmable bank account for software developers
#48Cool. I see parallels with Ethereum here. How complex can the rules be? Could you have smart contract functionality?
Re: Root – Programmable bank account for software developers
#49Earlier quoted context omitted.
> What about the Uber example? That's seem pretty cool. edit: I didn't see the Uber example, so I was working off an incorrect premise. It actually makes sense. How would that work in real life? Uber doesn't charge you before your ride is complete, and at that point your payment would bounce, and now you're in trouble. Ditto for fast-food diet; nobody's going to be happy when you walk up to the counter at 16 Handles…
> How would that work in real life? Uber doesn't charge you before your ride is complete, and at that point your payment would bounce, and now you're in trouble. Well in the Uber example you're allowing payments to Uber, not denying them. But you do have a very good point about denying pay-after-use type transactions, I'm not really sure what they're doing about that.
Wasn't their example all about limiting the number of rides you can take? So at that point, you'd eventually be denying them, as I understand it.
Re: Root – Programmable bank account for software developers
#50Hi All,
If you are interested in talking to the devs they can be found in #root on zatech slack group
For invites check https://zatech.github.io/site/
disclaimer: Not a root dev just a user on the zatech slack group