Griffin – A fully-regulated, API-driven bank, with Clojure

Post by [deleted] » Tue, Aug 29, 2023, 11:16 PM UTC

varispeed wrote: post #13

yuumei wrote: post #6

Unfortunately in the UK a bank can (and do) freeze your account with no reason for up to 2 years without any recourse or access to funds. With API access you risk your money being frozen due to automatic fraud detection. The government have given up policing of finance to banks and they take the least risky options

These "challenger" banks are a gimmick. Friend of mine recently tried to set up an account for his new business and all "challengers" refused a business account, they were slow to respond and disinterested in helping. Eventually he set up with a high street bank, but the whole thing took over a month, which is ridiculous.

Post by harel » Tue, Aug 29, 2023, 11:18 PM UTC

seabass-labrax wrote: post #57

teamspirit wrote: post #3

Why are these API banks always in the UK? I've been waiting to do my banking using curl for years and no one has made it available in the US.

After the financial crash of 2008 and the subsequent succession of banking scandals, in which the taxpayer bailed out multiple prominent banks, the UK's government at the time introduced a series of measures to promote smaller banks. For individual personal accounts, Monzo and Starling are probably the most well-known of these so-called 'challenger banks'[1]. [1]: https://en.wikipedia.org/wiki/Challenger_bank

Post by seabass-labrax » Tue, Aug 29, 2023, 11:22 PM UTC

gremlinsinc wrote: post #38

I absolutely hate when an articles starts out with: > IN A STARTUP, YOU SHOULD BE USING THE MOST POWERFUL LANGUAGE YOU CAN, AND THAT IS CLOJURE. says you. one opinion. in a startup you should use the language that your team can build and launch your MVP the fastest so you can get your first customers or funding. Hell, this could be a low code or no-code platform(probably not in fintech, just saying with startups in g…

Post by seabass-labrax » Tue, Aug 29, 2023, 11:29 PM UTC

harel wrote: post #63

seabass-labrax wrote: post #57

Earlier quoted context omitted.

After the financial crash of 2008 and the subsequent succession of banking scandals, in which the taxpayer bailed out multiple prominent banks, the UK's government at the time introduced a series of measures to promote smaller banks. For individual personal accounts, Monzo and Starling are probably the most well-known of these so-called 'challenger banks'[1]. [1]: https://en.wikipedia.org/wiki/Challenger_bank

Further more, banks that were bailed out signed a deal to actively help those smaller banks by transitioning clients to them. I know that because my bank offered me a few times to the point of nagging to switch my business accounts from them to one of the smaller ones. They offered to pay me a sum of a few thousand pounds to do that. I declined at the time due to me liking my bank and appreciating one app for all my…

Post by AnthonyMouse » Tue, Aug 29, 2023, 11:37 PM UTC

kemotep wrote: post #53

hanniabu wrote: post #50

Earlier quoted context omitted.

I was referring to the inability of the government to freeze your funds. But there are ways to prevent surveillance using zkproofs where you can break the onchain connection for private transactions.

Putting your eth wallet keys on a “do not transact with” list would be pretty similar. Having to engage in “money laundering” such as those privacy measures you bring up being a reason the government may put an address on the block list would make it quite difficult to get around too. That is assuming Ethereum sees that kind of mass adoption to the point governments start to regulate its usage.