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$1 Instant Wire Transfers 24/7

tryfortress.com

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Re: $1 Instant Wire Transfers 24/7

#11

Post by dildoswaggins »

zachrosen23 wrote: post #4
bfeynman wrote: post #3

Is it possible to learn how it actually works? Banks charge for wiring, so if you are still using bank how do you get around that? I assume that it's not actually doing a wire transfer.

Built on blockchain rails. Works like a 1-click bundle of debit sender account --> buy stablecoin --> send stablecoin --> (optionally) convert to fiat and disburse to receiver bank.

if my recipient is okay with receiving crypto and I was doing a high volume of transfers, why wouldn't I just make a wallet buy some stablecoin and send it to them directly and not pay you n*$1

Re: $1 Instant Wire Transfers 24/7

#12

Post by zachrosen23 »

dildoswaggins wrote: post #11
zachrosen23 wrote: post #4

Earlier quoted context omitted.

Built on blockchain rails. Works like a 1-click bundle of debit sender account --> buy stablecoin --> send stablecoin --> (optionally) convert to fiat and disburse to receiver bank.

if my recipient is okay with receiving crypto and I was doing a high volume of transfers, why wouldn't I just make a wallet buy some stablecoin and send it to them directly and not pay you n*$1

Definitely could if you're more technical (not our customer segment). Also want to note that receiver can either keep funds in Fortress or just route to their usual bank account.

Re: $1 Instant Wire Transfers 24/7

#13

Post by toomuchtodo »

Is this for domestic USD or international transfers? For domestic, FedNow is going live this year and will support instant settlement transfers up to $100k for a few cents per transfer. International transfers might be compelling depending on currency exchange rates.

https://www.frbservices.org/financial-services/fednow

Re: $1 Instant Wire Transfers 24/7

#14

Post by zachrosen23 »

toomuchtodo wrote: post #13

Is this for domestic USD or international transfers? For domestic, FedNow is going live this year and will support instant settlement transfers up to $100k for a few cents per transfer. International transfers might be compelling depending on currency exchange rates. https://www.frbservices.org/financial-services/fednow

Both. FedNow is promising! Excited to give it a try when it goes live. If we can't build + distribute a product better than the federal reserve, we've got bigger problems :)

Re: $1 Instant Wire Transfers 24/7

#15

Post by adrr »

bfeynman wrote: post #3

Is it possible to learn how it actually works? Banks charge for wiring, so if you are still using bank how do you get around that? I assume that it's not actually doing a wire transfer.

You could use a bank that doesn't charge like Ally or a credit union.

Re: $1 Instant Wire Transfers 24/7

#17

Post by jesterson »

zachrosen23 wrote: post #2

Running a trading company, I send and receive a lot of wires. When wiring a few times a year, the $30-$75/wire fee is annoying but doable. Since we send dozens a month, we rack up $1k+/mo just in fees. Tried switching banks and sending ACH’s / Zelles whenever possible. Nothing let us move large amounts quickly and cheaply. Why on earth does it cost so much and take so long to move my money? There’s got to be a better…

Amazing idea - everything that disrupts slow and expensive bank models is very welcome.

I am just looking for similar service for Japanese market - a lot of small payouts/transfer - would love to use yours if you do play there

Re: $1 Instant Wire Transfers 24/7

#18

Post by happymellon »

I don't understand quite how slow the American banking system is.

In the UK we have had immediate money transfers between institutions for a long time now. Why hasn't the US ACH system provided a near real-time transfer service, and the rules put in place to adopt it?

There is Zelles, but from what I understand, not everyone has adopted it plus it's a 3rd party so it would reduce visibility of dirty money transfers for the Fed.

Re: $1 Instant Wire Transfers 24/7

#19

Post by PCP7 »

zachrosen23 wrote: post #6
bfeynman wrote: post #5

Earlier quoted context omitted.

Well this is the first time I've ever been impressed by an application of crypto, notwithstanding some major concerns. Thing is though that this is not a wire transfer, and lot of places where wire transfers are used are specifically used because of the infrastructure and guarantees around it. Would be interesting to a shift in adoption though Do you guys just eat cost of minor fluctuations in stablecoin prices?

Thanks! Fortress can also slot into legacy infrastructure. Finality guarantee is also actually stronger with a stablecoin payment (cryptographically irreversible) vs a wire (99.9% irreversible, absent a bank mistake or court order).

Which stablecoin are you using and any particular reasons for choosing it?

Re: $1 Instant Wire Transfers 24/7

#20

Post by bdcravens »

therockspush wrote: post #16

Looks awesome and I've already shown it to a few folks. I'd avoid the "military grade" encryption marketing part though. For a lot of people, "military grade" means lowest bidder.

I don't think most people think that, but I would say that the target market for this service would tend to suspect such an ambiguous term. I'd just specify the actual encryption algorithm (AES-256 I assume, which is frequently what is meant by "military grade")
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