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Root – Programmable bank account for software developers

root.co.za

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Re: Root – Programmable bank account for software developers

#141

Post by JonoBB »

tarr11 wrote: post #11

What problem does this attempt to solve? Their slack example doesn't seem particularly pressing.

This is a huge (HUGE) marketplace ripe for innovation. Imagine having all your business transactions automatically pulled into your accounting system, ready for you to process and reconcile? You have (x) different bank accounts all integrated in real time, and you get realtime information.

Bank have been very very reluctant to open their systems via API access, which is why there are services like Yodlee. Basic charge is around $20k per annum plus pay per use. They are making a LOT of money, but the service is imperfect because they work by screen scraping the data from bank accounts. They have some direct integrations with banks, but my understanding is that the vast majority is still done via scraping. From end user perspective its terrible - you have to give them your login credentials, and supply OTP/2FA (if your bank uses this) every time you want to pull data in.

The banking industry is being dragged kicking and screaming to modernise and offer proper API access like this.

Re: Root – Programmable bank account for software developers

#142

Post by Tharkun »

louwhopley wrote: post #103
strictnein wrote: post #100

Earlier quoted context omitted.

Your page shows a sample bit of code (the beforeTransaction function) that approves a transaction. Does MasterCard (or whoever) still run their approval magic before that?

What do you mean by their "approval magic"? There are other fraud filters etc built into various places throughout the payments system.

I think parent is referring to 3-D Secure (3DS). This is basically an authentication step which delegates most of its implementation to your bank (or whoever your credit card provider is).

I'm not sure what Standard Bank is doing with regards to 3DS, but it would certainly be neat if its implementation were programmable as well.

Re: Root – Programmable bank account for software developers

#144

Post by Tharkun »

sjtgraham wrote: post #41
djm_ wrote: post #33

If anyone's looking for API access to UK high street banks: https://teller.io

Thanks! Founder here. Currently in private beta, but if you're with Santander, Nationwide, RBS, Natwest, Ulster Bank NI, or IOM Bank I can give you access - sg@teller.io.

How will teller be impacted by PSD2? Will it make your life easier?

Re: Root – Programmable bank account for software developers

#145

Post by apostacy »

louwhopley wrote: post #139
apostacy wrote: post #135

When can I have direct control of recurring payments? I want to be able to "push" money instead of having it "pulled" from my account. This is a totally reasonable feature. If a merchant wants assurance that they will be paid, they should charge a deposit. The closest I've had is Entropay, but I don't really trust them for large payments. Recurring payments are so abused, I can't count how many times I have been misl…

Hey (founder of Root here), our platform gives you full API access to, for instance, do any of the things you do on the normal banking interface through code - like initiating a transfer to someone else, or building your own recurring payments system using a simple cron job :)

I will check it out.

I would love to be able to script my bank. Chase.com is an ongoing battle. There are plenty of projects to automate banking, but it's an uphill battle.

I'm sure if I had a business account, I'd have more access than what the browser gives me.

I would love to be able to do things like, see what payments are flagged as recurring, and group them together, and sum them.

Re: Root – Programmable bank account for software developers

#146

Post by dheera »

louwhopley wrote: post #54

Founder here :) Feel free to ask me any questions

- Do you have programmable international wire transfers in the works? That would be an instant sell to me. My current bank requires me to show up in person, and then verify the transfer by phone, both of which require making time out of a busy schedule.

- Do you have programmable virtual credit card numbers?

- Have you considered virtual bank account numbers as well? For example, I have had issues with organizations continuing to deduct from my account via ACH after stopping service. If I had a virtual bank account number that could be deleted, those rascals could be stopped in their tracks the moment I make the call saying "you are no longer authorized to deduct from my account". With the current system banks still let the unauthorized ACH transactions slide.

Re: Root – Programmable bank account for software developers

#147

Post by ziikutv »

graedus wrote: post #130
hasbroslasher wrote: post #102

Earlier quoted context omitted.

The example of your son's school is fine, but imagine that your son lives in another country. Cash has other problems beside being slow. It's insecure - a person could steal your $20 bill from your mailbox or his, or from the Post Office. It's untraceable - if your son's school says "We never got your payment" but your son swears he gave them the cash, you're stuck in a situation where either your son or the school i…

> It's untraceable Feature of cash, not a bug. It's not the best choice for every situation, but neither is digital, which is why it's important that people have both options available.

Its virtually untraceable. There are ways to find out if the note was new and released by the bank only to that person etc.

Which is why the tinfoil me gets change before doing tinfoil purchases xD

Re: Root – Programmable bank account for software developers

#148

Post by louwhopley »

dheera wrote: post #146
louwhopley wrote: post #54

Founder here :) Feel free to ask me any questions

- Do you have programmable international wire transfers in the works? That would be an instant sell to me. My current bank requires me to show up in person, and then verify the transfer by phone, both of which require making time out of a busy schedule. - Do you have programmable virtual credit card numbers? - Have you considered virtual bank account numbers as well? For example, I have had issues with organizations…

Yeah, we are working on these types of things :)

Re: Root – Programmable bank account for software developers

#149

Post by jamesrcole »

s_dev wrote: post #45

People asking about what problem this solves haven't been to South Africa or Zimbabwe which in some ways are ahead of the West in creating cashless societies. The biggest bank is a phone operator and people can send each other money over the phone and from what I understand this is very common. Also interestingly most phones aren't smart phones. It's mostly analog. Banks have a serious incentive to create and encoura…

Do you know of the sorts of benefits it has brought in those places?
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