What does "chartered" mean?
Column – a chartered bank for developers
11–20 of 299 posts
Re: Column – a chartered bank for developers
#12Hey founder (and OP) here. This has been a labor of love for the past few years and I'm super stoked on what we shipped. Would love any and all feedback, thoughts and questions!
This looks like it's US only right now, is that correct?
What are your plans to offer these services in other countries?
Re: Column – a chartered bank for developers
#13Very interesting. How are you dealing with KYC regulations? Do you provide that, or is it the responsibility of developers calling your API to have already done KYC.
Re: Column – a chartered bank for developers
#14Where is the integration with the crypto networks? My crypto is programmable and I would love to see my bank have an api as well.
Super interesting - what would you like to see? Like USD/USDC swappable accounts or something?
Right now I have an account now where I can deposit USDC and spend via tap to pay/debit card. Basically just a debit card linked crypto account, rewards are $$$ (4%) and adjusting balances is fast and easy. Also programmable so I can replace what is spent without having to manually transfer. This helps tremendously with managing the families access/budgeting of funds.
Would also be nice to have an account where legacy payments (ACH) can be made that also has an interface to deposit USDC. Right now I need to ACH deposit to my bank account (from crypto), and then ACH withdraw to pay the bill. Eventually you could just get rid of the ACH part and convince the accounts receivable to accept USDC (and profit?).
Bringing both these services under one roof so it is a bit easier to manage would be the holy grail of legacy and future financial products.
Re: Column – a chartered bank for developers
#15Very interesting. How are you dealing with KYC regulations? Do you provide that, or is it the responsibility of developers calling your API to have already done KYC.
Would be nice to have a side-by-side comparison with the steps to starting and operating a bank to get a full picture of what Column abstracts away and what founders must still DIY. Currently you have to dig deep into the use case docs to determine some of these details.
Re: Column – a chartered bank for developers
#16Questions for the founding team, and others: What books or resources did you helpful in understanding the plumbing of the US banking system?
Re: Column – a chartered bank for developers
#17Hey, I’m an ex-Square that is part of founding engineering team at Column. My team will be monitoring this thread and we’ll be happy to answer any questions! Especially those about ACH, I’m sure you have plenty and we know it through-out!
Do you guys issue physical cards or checks?
We’re an issuing bank and sponsor card programs on Visa & Mastercard. Our partners can offer both physical and virtual cards to users. Checks are currently in beta but please get in touch if we can help! https://dashboard.column.com/contact
Re: Column – a chartered bank for developers
#18> Create account numbers that point to a single bank account and create specific permissions and limits for each one.
I love that; there are so many places that give a 6% discount for using ACH but I don't want to give out my bank account details willy-nilly
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If you have influence over it, I wouldn't recommend having https://status.column.com/uptime default to "Sandbox" since I doubt seriously that's what anyone would care about when going to an uptime page, and can also mislead a reader in a hurry if the Sandbox environment is having woes but Production is fine
nit: I would guess you meant "sweep" not "sweet" on https://column.com/bank-accounts
> We support FBO, sweet, clearing and custom account types — all FDIC insured.
Re: Column – a chartered bank for developers
#19What does "chartered" mean?
In the US (and most countries) in order to get access to the central bank (in the US the fed) and do 'banking things' like holding money, moving money, and lending money you have to have a banking charter. We have a national charter (issued by the OCC) but you can also have some other more bespoke charters as well!
Re: Column – a chartered bank for developers
#20Very interesting. How are you dealing with KYC regulations? Do you provide that, or is it the responsibility of developers calling your API to have already done KYC.
We let developers bring their own KYC providers. There are so many great solutions out there I don't think the world needs another one :)
In general our approach is to focus on building things that 'only a bank can do' and if there are great existing solutions (ie: fraud, kyc, issuing processors) we let developers bring those solutions. We play nicely with all of them.