Can someone from Standard Treasury comment on the security model they are using for these API's?
Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking
21–30 of 39 posts
Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking
#22I'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 have the a) problem and have yet to find a solution that doesn't involve (manually) sending a fixed-format file with transfer orders to the bank we work with...transfers within the EU are free, though, but this is the bank's policy (due to competition, of course). A simple RESTful API that can be used for ACH transfers across countries or even continents would be killer, given the current options...
Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking
#23I'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
Is a) not common?
I use ING Direct (recently bought by Capital One and recoined "Capital One 360"). You can either wire directly from one checking account to another using an ACH transfer. Or you can do a Person2Person payment which is similar to a paypal transfer. Enter your recipient's email address, ING sends them an email, they follow the directions and "pick up" the money, transfer occurs.
Both are free to the best of my knowledge.
Edit: ING is a Dutch company, so maybe that's why.
Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking
#24Good luck!
I wrote a post a while back about how I would like to be able to set up triggers to take action on deposits -- a sort of IFTTT for your bank. It sounds like Standard Treasury ultimately could make this possible, which would be awesome.
Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking
#25Good luck! I wrote a post a while back about how I would like to be able to set up triggers to take action on deposits -- a sort of IFTTT for your bank. It sounds like Standard Treasury ultimately could make this possible, which would be awesome. http://www.recursion.org/2013/3/23/webhooks-for-paychecks
Thanks for the link! We have this exact use case in mind, actually. Trigger based web hooks for transactions is definitely something a few people have mentioned to us and that we're talking to our bank partners about.
Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking
#26I'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
Is a) not common? I use ING Direct (recently bought by Capital One and recoined "Capital One 360"). You can either wire directly from one checking account to another using an ACH transfer. Or you can do a Person2Person payment which is similar to a paypal transfer. Enter your recipient's email address, ING sends them an email, they follow the directions and "pick up" the money, transfer occurs. Both are free to the b…
I think he may mean between 2 parties, perhaps in his application. Not specifically between himself and another party, which is possible today with a few services.
Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking
#27I'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) allows you to debit a bank account w/o any verification or micro-deposits
That's an extraordinarily bad idea. If you gave a fraudster access to something like that, they could just pull money out of accounts where they had the routing and account #. You'd also be at risk if the customer fat fingered entry of those numbers and you debited the wrong account.
The US ACH rails lack a lot of necessary features to enable debits without verification of ownership of the account. Unless you want to be on the hook for the above scenarios of course.
Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking
#28I'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.
Coming from Europe, I'm also used to exclusively using wire transfers for free. Not so much in the US.
What's the difference between a wire transfer and ACH transfer? (Chase charges me about $19 for every outgoing/incoming wire transfer by the way).
Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking
#29Good luck! I wrote a post a while back about how I would like to be able to set up triggers to take action on deposits -- a sort of IFTTT for your bank. It sounds like Standard Treasury ultimately could make this possible, which would be awesome. http://www.recursion.org/2013/3/23/webhooks-for-paychecks
Ooh, yes I love this idea.
zt, when are you guys planning to make the API available to devs?
Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking
#30Direct banking customer to customer with an API...oh yes many marketplaces would enjoy that (essentially acting like a phone operator that connects both parties).
I can see some value in providing a way for some third party (i.e. the marketplace) to escrow down the line.
Good luck :)