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Cool. I see parallels with Ethereum here. How complex can the rules be? Could you have smart contract functionality?
What problem does this attempt to solve? Their slack example doesn't seem particularly pressing.
How about streaming your transactions to a budgeting service to approve or deny if you've gone over budget for the month. Or build your own rules to deny certain transactions if you are approaching 0 balance. I think there are lots of use cases you could think of that are custom to you that no bank would ever build.
Is this South Africa only? Any plans on coming to the US? :)
Earlier quoted context omitted.
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.
If you have a BoA, Chase, Citi, and Fidelity account, then unless there's a push towards exposing data for third party uses your only option becomes trying to look at 4 dashboards.
To illustrate only one problem. There's also others, including portability: what can you take with you when you decide to switch your 10 year old BoA account to another bank?
What problem does this attempt to solve? Their slack example doesn't seem particularly pressing.
1. Sweeping funds from one account to another based on business events. 2. Fraud detection. 3. Real-time reporting.
How is this different from Monzo?
Founder here :) Feel free to ask me any questions