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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

#401

Post by drusepth »

amelius wrote: post #365
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…

> Forcing me to stay on budget Let me picture this. You are standing at the checkout of a grocery store with a big shopping basket, and you find out that you are over budget for today ... Not sure if I would like this functionality.

How is that different from not having the money to spend in the first place, though?

Even people with very little money use credit occasionally, and I can definitely see the benefit of strong-arming a budget so you don't spend money you don't have.

The typical reaction to this scenario is to put back what you have at the grocery store and leave (or put back enough so that you _can_ afford it).

(It could be argued that you don't need a feature like this at all if you have X level of self-control, but many people would benefit from taking any requirement of self-control out of the equation.)

Re: Root – Programmable bank account for software developers

#402

Post by drusepth »

tragomaskhalos wrote: post #388
pc86 wrote: post #379

Earlier quoted context omitted.

Come now, just write it in Rust and bugs are a physical impossibility.

Or, use Haskell and have the type system protect your precious moolah :)

Or use something like Ruby/Javascript and cast your balances to strings whenever you can and hope for the best when it comes to addition. :)

Re: Root – Programmable bank account for software developers

#403

Post by btmerr »

Meekro wrote: post #247

Anyone remember Seed[1], the YC startup that tried to do programmable bank accounts years ago? They did eventually launch, and I have an account, but all the programmable stuff went away and we're left with basic business bank accounts rather than the original vision. I wonder what happened there, and I hope Root can better stay on track! [1] https://news.ycombinator.com/item?id=9066363

Hey there. I'm Brian, the CEO of Seed. Thanks for remembering us and thank you for trying us out. :)

Long story short, we're still working on making the API available to our members. Plans changed along the way and we ended up releasing our mobile business bank account first, but our long term goal of offering a more open platform remains.

It's tough to do anything innovative within the US banking system due to regulations, partner challenges, risk, and other factors, but we're going to keep working at it.

Re: Root – Programmable bank account for software developers

#404

Post by al452 »

kbenson wrote: post #333
coding123 wrote: post #251

Earlier quoted context omitted.

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.

How are restaurant tips charged? The card is run, and then you add a tip, and at some point they enter in the tip amount I assume. Would that charge show as going through at the original time, or at the time they revised the total? I imagine if they come through as special revisions, allowing those up to a certain time after the original charge and up to a certain percentage over the original amount might be sufficie…

> How are restaurant tips charged? The card is run, and then you add a tip

That sounds bizarre and backwards to me! I guess we live in different countries/regions with different conventions. So it probably depends on what people do in South Africa.

Re: Root – Programmable bank account for software developers

#405

Post by ensiferum »

Seems exciting for the few developers in the world who would want to use this. Then again I'd be wary of trusting my money with some random small bank in a foreign country. Probably not even possible to use it in the first place. Also if this was ever going to get big I'm sure the big boys would step in and have it shut down in no time

Re: Root – Programmable bank account for software developers

#406

Post by balabaster »

cpcat wrote: post #398
balabaster wrote: post #392

I love the concept of this... it took me a minute to figure out how I could get the most out of it, but the possibilities are endless... the fact that I can write my own rules that can manage my account semi-autonomously for me and know that my code is always watching my back even when I'm not - which is most of the time is awesome. I can have this account do everything I call the bank to get them to do and be told t…

Yes on the ProductHunt page they mention it'll be only available for South African residents as a start. https://www.producthunt.com/posts/root-6

Thanks, that's too bad

Re: Root – Programmable bank account for software developers

#407

Post by GrinningFool »

palerdot wrote: post #387
GrinningFool wrote: post #136

Earlier quoted context omitted.

That's why you always get a receipt when you pay in cash - it serves as proof that you paid.

You should be living in some other universe. Most of the corruption stems from the fact that cash transaction history can be spoofed easily. There is no way to link cash with your identity linked to the tax systems. With digital payment, all the payments to/from will be linked to a taxable entity.

True enough, but this wasn't in the context of taxes - it was about avoiding getting ripped of by paying cash then having an entity claim you never paid them. Receipts are still good for this - signed receipts even better.

Re: Root – Programmable bank account for software developers

#408

Post by nashequilibrium »

nroets wrote: post #161
s_dev wrote: post #45

People 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 encoura…

Let me counter with these facts about banking in South Africa: 1. Fees at most banks are high. (A basic account with no transactions typically have fees of several dollar per month). 2. If people are moving away from physical cash, its because of security concerns (theft and robbery), not liquidity. 3. Most transactions are done by credit card, debit order or Electronic Fund Transfer (EFT). EFTs are done between numb…

Have you opened a bank account ins South Africa? If so, what economic bracket do you belong to?

Re: Root – Programmable bank account for software developers

#409

Post by [deleted] »

Someone wrote: post #267
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…

5. Due to a bug in _your_ code, accidentally have your mortgage payments bounce because of lack of funds, and get evicted from your home. With great power comes great responsibility. The number of times you say 'perhaps', 'unless', 'so if', or 'could' is so high that you would have to thoroughly review your code before trusting it.

[deleted]

Re: Root – Programmable bank account for software developers

#410

Post by sangnoir »

executesorder66 wrote: post #373
sangnoir wrote: post #229

Earlier quoted context omitted.

> 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…

Yes you are correct. When I said, "transfer the money from one bank account to another", I actually meant not sending the money physically, but by using various other means. I didn't know how to word this, and it came out wrong. And I was talking about the cash being stolen 90% of the time, if you do choose to physically carry it with you back home. (Or trust someone else to do it)

> And I was talking about the cash being stolen 90% of the time, if you do choose to physically carry it with you back home. (Or trust someone else to do it)

This is also not true. 17,000 Zimbabweans[1] travel into South Africa daily by road, most are destined for Musina (nearest South African town to the border) where they buy goods with cash[2]. If theft rate is 90%, that would result in 15,300 cases of theft per day (5.5 million per year) which (a) just can't go unreported, even if you think Zimbabwe is some undeveloped backwater and (b) where do I sign up to join this very effective Thieves Guild? It has to be well-paying.

1. As of 2015, numbers are seasonal. http://www.702.co.za/articles/10509/31-000-people-cross-bord...

2. Because of depleted nostro accounts, most Zimbabwean banks have a maximum international withdrawal of $20-$50 (US dollars) per day

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