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Founder here :) Feel free to ask me any questions
Random question but it really bugs me that FNB and I think most other South African banks still use SMS/Email based secondary authentication OTPs. Are you guys planning on using TOTP by any chance?
It's a blockchain programming layer aiming to implement Ethereum's virtual machine on top of Bitcoin's blockchain . . . programmable bitcoin accounts . . .
This is the sort of thing American banks just can't do at scale. Which is probably a good thing, to be honest.
spoiler: it still exists, and their solution was to have him sign his soul away and shut up about it.
one day (!!!)
1. Forcing me to stay on budget, unless there's an emergency (perhaps allow purchases over budget after the third attempt).
2. Automatically distribute paychecks or other income into different accounts (some to retirement, some to savings, some to checking, w/e...); this behavior could change based on the current distribution of your money too, so if your "emergency fund" got really low you could automatically spend more of your income replenishing it.
3. Deny unwanted transactions and tightly control your own fraud detection (SMS confirmation for every purchase out of your zip code, confirmations for purchases from new places, you name it...).
4. Automate the creation and destruction of virtual cards to minimize danger of online purchases or to make sure that "free trial" never starts charging you.
I'm sure there's tons of other awesome ideas, but I want all of these quite badly.
Earlier quoted context omitted.
What I basically want, is to have more control. I want a similar amount of control as to what I have with paper money, or even virtual in game currencies. Right now, the scale is not tipped in my favor. I would be happy to pay for it. I understand that banks have reasons for things to be arraigned the way they are. I would love to have a "personal firewall" level of control over my money. I'd like to see that Widget…
This screenshot from the front page seems to be offering something like what you want? [1] And they clearly support virtual cards so why wouldn't automating that work through their API? [2] [1] https://root.co.za/images/rootcode.svg [2] https://root.co.za/images/mobile-desktop-mockup.jpg EDITS: added 2nd part and formatting
This would be fine for in-person transactions, where you can approve it on your phone, but for transactions you aren't expecting (e.g. recurring monthly subscriptions) it seems like you'd need some notice -- or a long timeout period.
This is the sort of thing American banks just can't do at scale. Which is probably a good thing, to be honest.
Don't bet on that.
Many national American banks are toxically opposed to actual modernization, for a variety of reasons. Their classical "enterprise" beliefs on security put all the banks I've talked to well behind the curve.
But also, I want to avoid a scenario where the US is a principle innovator in technology and also in finance.
Earlier quoted context omitted.
China is cashless. Stores don't accept your cash much. And you have to show a government id to buy anything. And they track you. But it gets worse than that. If the government wants to punish you, they can just cut you off. Can't buy food, can't pay rent. Oh you think your friends can help you? China has that covered too, with its shiny new credit system. Being associated with - let alone helping - people cut off fro…
Thankfully, there is a good amount of space between money under mattresses and a government controlled economy. Your comment is a giant straw man. Canadian and EU systems are private ones and the government has little or no power to directly intervene, short of law enforcement. The idea that eliminating paper is some sort of boogeyman from Revelations is about as silly as the idea that holding on to your Glock allows…
When can I have direct control of recurring payments? I want to be able to "push" money instead of having it "pulled" from my account. This is a totally reasonable feature. If a merchant wants assurance that they will be paid, they should charge a deposit. The closest I've had is Entropay, but I don't really trust them for large payments. Recurring payments are so abused, I can't count how many times I have been misl…
In the UK this is known as a "standing order". The account holder is fully in control of how much money goes out and when. Is this not the case in other places?
Earlier quoted context omitted.
1. Sweeping funds from one account to another based on business events. 2. Fraud detection. 3. Real-time reporting.
Why would you be able to build a better fraud system as an end-user as opposed to card issuers and processors?