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AI agents can now create their own bank accounts

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Re: AI agents can now create their own bank accounts

#12

Post by hydrogen7800 »

wcarss wrote: post #3

lol, uh, I'm pretty sure they actually can't. You or a business with legal owners can have a bank account, and you can give access to that account to an agent, but real banks work in the real world, and "know your customer" regulations need a real person somewhere in the chain. But, hey, maybe I'm wrong.

I wish I could properly cite it, but one of my favorite HN comments recently was, to paraphrase, "thing, but from the Internet". Which is to say that old rules don't apply, for some reason.

Re: AI agents can now create their own bank accounts

#13

Post by arshbot »

SmokeyHamster wrote: post #8

"join waitlist" Translation, no, AI agents can not create their own bank accounts, but someone's spamming Hacker News to see if there's interest in creating a company to allow that. With modern banking regulations and security procedures. I'm not even sure how that would be possible. Every bank account I've opened requires me to give them my photo ID and social security number, which AI agents don't have. Meaning, YO…

We're a regulated entity, and this is an industry first. Magnolia (magnolia.financial) currently services all 50 US states and EU, and we're funded by draper, boost, and a bunch of others.

We're a real company :) (with health insurance!)

> With modern banking regulations and security procedures. I'm not even sure how that would be possible. Every bank account I've opened requires me to give them my photo ID and social security number, which AI agents don't have.

It's literally my job to know how it's possible, and to offer that up as a service with generous fees! Appreciate the input tho.

You are correct, KYC rules must be followed, and once you're off the waitlist (which we threw up last minute to make sure this system wasn't abused by an influx of demand) you'll be able to go through typical banking steps you're familiar with. We use persona as our KYC vendor and are highly sensitive about PII exposure.

> human would be opening a bank account...which isn't new.

An agent could open this bank account if you prefer to give it access to your social, passport, etc -- entirely up to the individual's risk profile.

What is new is a whole interface designed for an ai agent with guard rails to ensure it doesn't get itself in trouble by violating obscure BSA laws. Magnolia's job has always been to handle the compliance.

Re: AI agents can now create their own bank accounts

#14

Post by arshbot »

chrismorgan wrote: post #11

> 0s Average KYC time > 0% Approval rate > 0/7 API uptime Sometimes I love stupid behaviour that appears when you have JavaScript disabled.

I made the site, and it's unbelievable how shitty it gets when hardware acceleration is off.

I just assumed tech enthusiasts who'd use this would be a more enlightened species

Re: AI agents can now create their own bank accounts

#18

Post by arshbot »

wcarss wrote: post #3

lol, uh, I'm pretty sure they actually can't. You or a business with legal owners can have a bank account, and you can give access to that account to an agent, but real banks work in the real world, and "know your customer" regulations need a real person somewhere in the chain. But, hey, maybe I'm wrong.

An agent could open this bank account if you prefer to give it access to your social, passport, etc - entirely up to the individual's risk profile.

Liability always follows the human as has been the case with all tools, motor vehicles, and pets.

Re: AI agents can now create their own bank accounts

#20

Post by tab8000 »

arshbot wrote: post #14
chrismorgan wrote: post #11

> 0s Average KYC time > 0% Approval rate > 0/7 API uptime Sometimes I love stupid behaviour that appears when you have JavaScript disabled.

I made the site, and it's unbelievable how shitty it gets when hardware acceleration is off. I just assumed tech enthusiasts who'd use this would be a more enlightened species

Good job on making that site run like a dream.
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