Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking • Hacker News Board

Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking

#11

Post by quintinsykes » Tue, Jul 09, 2013, 4:48 PM UTC

tbrooks wrote: post #9

zt wrote: post #5

Earlier quoted context omitted.

(I work on Standard Treasury) The first one is definitely something that will happen once a bank partner of ours launches the white labeled service. Electronic checks (ACH) are usually a flat, several cents, fee. Unfortunately, debits are likely going to require some sort of verification.

I feel like you, ST, should be able to pass that liability to the company using the API. Maybe make them put $1mm in escrow or something. I know of a few organizations that don't require verification for ACH debits.

My guess is that when he speaks of 'verification' it's more in the context of underwriting the originator of the transaction for fraud/creditworthiness vs. ensuring the account being debited is valid.

Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking

#12

Post by oldgregg » Tue, Jul 09, 2013, 4:48 PM UTC

tbrooks wrote: post #3

I'm really interested in a service that allows you to: a) transfer money between 2 bank accounts for a flat fee b) allows you to debit a bank account w/o any verification or micro-deposits

b) bitcoin

it's not an accident that they make it so difficult. they are protecting massive revenue streams. bitcoin solves a lot of these problems by giving people real control over how to move money around. eventually bitcoin wallets will be easy and secure enough that while you might not pay your bills with it, you'll keep a running balance on it just like amazon or itunes credit.

Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking

#13

Post by malyk » Tue, Jul 09, 2013, 4:50 PM UTC

I had the pleasure of working with Dan at Giftly. These guys are smart and have some big ideas. Looking forward to seeing the company grow.

Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking

#14

Post by oldgregg » Tue, Jul 09, 2013, 4:50 PM UTC

tbrooks wrote: post #9

zt wrote: post #5

Earlier quoted context omitted.

(I work on Standard Treasury) The first one is definitely something that will happen once a bank partner of ours launches the white labeled service. Electronic checks (ACH) are usually a flat, several cents, fee. Unfortunately, debits are likely going to require some sort of verification.

I feel like you, ST, should be able to pass that liability to the company using the API. Maybe make them put $1mm in escrow or something. I know of a few organizations that don't require verification for ACH debits.

which companies currently let you do it?

Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking

#15

Post by _delirium » Tue, Jul 09, 2013, 4:50 PM UTC

tbrooks wrote: post #3

I'm really interested in a service that allows you to: a) transfer money between 2 bank accounts for a flat fee b) allows you to debit a bank account w/o any verification or micro-deposits

'a' is fairly common, I believe. It's ubiquitous in Europe (typically no fee), and in the U.S., Bank of America will let you do an ACH transfer to any account in the U.S. for $3/transfer. Not sure what other banks' policies are.

Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking

#16

Post by quintinsykes » Tue, Jul 09, 2013, 4:55 PM UTC

Connectivity between businesses and bank payment platforms is a huge point of pain for both banks and their customers. Large banks have been focused on resolving this with their largest clients (enabling connectivity to SAP, Oracle, etc.), but there hasn't been a big push elsewhere. Hopefully this will benefit smaller banks and smaller businesses as well.

Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking

#17

Post by zt » Tue, Jul 09, 2013, 4:56 PM UTC

_delirium wrote: post #15

tbrooks wrote: post #3

I'm really interested in a service that allows you to: a) transfer money between 2 bank accounts for a flat fee b) allows you to debit a bank account w/o any verification or micro-deposits

'a' is fairly common, I believe. It's ubiquitous in Europe (typically no fee), and in the U.S., Bank of America will let you do an ACH transfer to any account in the U.S. for $3/transfer. Not sure what other banks' policies are.

$3 is a lot. Most banks will do it for 50 cents or less. If you have huge volume (someone like Square or Stripe) you can often get it down to one or two cents.

Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking

#18

Post by tbrooks » Tue, Jul 09, 2013, 5:00 PM UTC

oldgregg wrote: post #14

tbrooks wrote: post #9

Earlier quoted context omitted.

I feel like you, ST, should be able to pass that liability to the company using the API. Maybe make them put $1mm in escrow or something. I know of a few organizations that don't require verification for ACH debits.

which companies currently let you do it?

No APIs that I know of, but there are several companies in my vertical (donations) that do this. This is one:

http://www.acceptiva.com

Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking

#19

Post by mahyarm » Tue, Jul 09, 2013, 5:01 PM UTC

tbrooks wrote: post #3

I'm really interested in a service that allows you to: a) transfer money between 2 bank accounts for a flat fee b) allows you to debit a bank account w/o any verification or micro-deposits

I talked to a payments guy a while back and asked why america doesn't have the same kind of easy P2P wire transferability that europe has. He basically said it's because the banks think paypal is good enough. Paypal is the USA's P2P wire transfer system. 2 personal accounts can transfer money to each other for free. I pay my rent to my 1-property landlord by paypal with no fees too.

Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking

#20

Post by tbrooks » Tue, Jul 09, 2013, 5:01 PM UTC

quintinsykes wrote: post #11

tbrooks wrote: post #9

Earlier quoted context omitted.

I feel like you, ST, should be able to pass that liability to the company using the API. Maybe make them put $1mm in escrow or something. I know of a few organizations that don't require verification for ACH debits.

My guess is that when he speaks of 'verification' it's more in the context of underwriting the originator of the transaction for fraud/creditworthiness vs. ensuring the account being debited is valid.

That's correct.