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Root – Programmable bank account for software developers

root.co.za

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Re: Root – Programmable bank account for software developers

#251

Post by coding123 »

jacksnipe wrote: post #215

At first I was wondering what I could possibly use this for, but as I sat and thought about it, I realized the possibilities are enormous. I'd like to know if the following are possible: 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 sa…

I think stepping up 3 would be to specifically tie your API to something with GPS like your phone, and the authorization could be based on that. (I travel a lot).

Or better yet, an app on the phone to just "enable transactions for a minute" since many addresses of POS systems are likely far from the actual POS.

Re: Root – Programmable bank account for software developers

#252

Post by sangnoir »

alunchbox wrote: post #82
louwhopley wrote: post #54

Founder here :) Feel free to ask me any questions

I haven't seen any stack information yet (although I haven't checked the slack channel) what technologies are involved and how do you plan on mitigating the mass loads? - for the stack was there specific criteria why certain languages where chosen in your use cases? are there any API rate limits for clients? are there any current plans on mitigating DDOS or other malicious attacks? 2016 has been a hard year for banks…

> 2016 has been a hard year for banks and hacking specifically the story about Bangladesh. The trend seems that this will become more likely as we move towards a full online infrastructure. For banking this is another layer where vulnerabilities can come up are there are plans in place for this?

I'm not affiliated with Root, but the bank they are partnering with (Standard Bank of South Africa) was also hacked in 2016 and defrauded of R300 million ($16 million) via withdrawals from ATMs in Japan[1]. I'm sure they are acutely aware of the need for security.

1. http://city-press.news24.com/Business/standard-bank-r300m-fr...

Re: Root – Programmable bank account for software developers

#253

Post by apostacy »

jacksnipe wrote: post #209
apostacy wrote: post #166

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

What I've found, is that every virtual credit card provider has to try to process recurring payments, even if that virtual credit card is depleted, kind of defeating a big use of virtual credit cards. I am sure that this is something they were obligated to do by other financial institutions. So virtual credit cards just end up being solely for online transactions that are not recurring.

The only company I have found that actually does what I'm describing is entropay.com, and they are based in Malta and I don't trust them for big transactions, as they have been known to steal people's money.

Re: Root – Programmable bank account for software developers

#254

Post by coding123 »

Going a little beyond, why not offer this to ANYONE. So once a lot of developers create a bunch of apps, people that are not developers can browse apps that have special integrations that are important for those people. I get they want to attract developers right now however.

Re: Root – Programmable bank account for software developers

#255

Post by trowawee »

sangnoir wrote: post #229
executesorder66 wrote: post #202

Earlier quoted context omitted.

There's lots of people from Zimbabwe, Malawi, Mozambique etc. who come to South Africa because they can make more money here. Then they send the money back home. But if they send cash back it gets stolen 90% of the time. If they transfer the money it from one bank account to another, they don't lose their money. Making transactions more customizeable/automated is a great advantage. Why would you not want that? Also,…

> Then they send the money back home. But if they send cash back it gets stolen 90% of the time. If they transfer the money it from one bank account to another, they don't lose their money. Making transactions more customizeable/ WTF are you talking about? No one[1] uses bank transfers to send money to their families in the SADC region: it's quicker and cheaper to use formal and informal money transfer agencies where…

> I swear HN seems knowledgeable on all subjects except those I am deeply familiar with...

You can make a fairly valid extrapolation about the other areas where HN seems knowledgeable from this data point.

Re: Root – Programmable bank account for software developers

#256

Post by netsharc »

jdmichal wrote: post #224
jacksnipe wrote: post #215

At first I was wondering what I could possibly use this for, but as I sat and thought about it, I realized the possibilities are enormous. I'd like to know if the following are possible: 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 sa…

How about this one: Automatic set-aside of a percentage of all purchases into a "self-insurance" fund. Could also probably enhance it by excluding certain merchant categories, such as gas, groceries, medical, etc.

Talking about insurance, how about it denies your transaction when it sees you've hit your budget for a night out, it will work one last time after e.g. 30 seconds so you can pay for that last drink, but that's it, after that it will let a taxi or Lyft transaction through, but not from any other bar.

And someone should also program it to donate to women's charities when you use Uber..

Re: Root – Programmable bank account for software developers

#257

Post by vlasev »

tarr11 wrote: post #11

What problem does this attempt to solve? Their slack example doesn't seem particularly pressing.

The kind of thing that I would like to be able to do is have a bunch of different virtual accounts that I can use for various different things. Pretty much the envelope spending system, but with cards.

I'd be able to take in paychecks and other income into a primary account, pay bills and distribute the rest into various accounts (for example, Eating out, Entertainment, Books, Learning, etc) according to some budget. Then I'd like to be able to see how much money I have left on any of these in pretty much real time.

Once you go up to the limit of one of these cards, then you know you've gone over budget. Half-way through the month, you have no more money for Entertainment? Too bad. I think this kind of thing would make it easier to practically stay within your budget.

Wanna go on a holiday? Boom, make a Holiday account, put a certain amount of money on it, and then you know you can spend that much on whatever, while everything else remains constant.

Holiday gift season? Make a budget, make a card, and spend from there, knowing that it's just a bigger hassle to use another card if you run out of gift money.

Re: Root – Programmable bank account for software developers

#258

Post by acomar »

sangnoir wrote: post #229
executesorder66 wrote: post #202

Earlier quoted context omitted.

There's lots of people from Zimbabwe, Malawi, Mozambique etc. who come to South Africa because they can make more money here. Then they send the money back home. But if they send cash back it gets stolen 90% of the time. If they transfer the money it from one bank account to another, they don't lose their money. Making transactions more customizeable/automated is a great advantage. Why would you not want that? Also,…

> Then they send the money back home. But if they send cash back it gets stolen 90% of the time. If they transfer the money it from one bank account to another, they don't lose their money. Making transactions more customizeable/ WTF are you talking about? No one[1] uses bank transfers to send money to their families in the SADC region: it's quicker and cheaper to use formal and informal money transfer agencies where…

> I swear HN seems knowledgeable on all subjects except those I am deeply familiar with...

I started discounting what I read here about when I realized that.

Re: Root – Programmable bank account for software developers

#259

Post by wedowhatwedo »

moftz wrote: post #207
apostacy wrote: post #135

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…

I wish I could just have the ability to create virtual credit card numbers. I would be able to fill it with a certain balance, set up recurring balance refills, change the expiration date, keep a merchant whitelist, and cancel the number at any time. This gives me the opportunity to make sure that even if my card number was stolen or abused, the charge won't go through. If I sign up for a free trial or a service I on…

Most of this is already available:

https://www.bankofamerica.com/privacy/accounts-cards/shopsaf...

Re: Root – Programmable bank account for software developers

#260

Post by yaur »

hoschicz wrote: post #122

I've sent them an email asking them if they are planning to be SAR-only, here's the reply: Hi Ondřej, We're launching in South Africa, but have plans to expand to the EU/US in the near future. Be sure to sign up to our waiting list, as we'll keep everyone there posted on new events :)

Very interested in this when you come to the US as long as it has a reasonable fee structure.
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