141–150 of 223 posts
Earlier quoted context omitted.
faster payments had nothing to do with the EU "open" banking did (and accordingly you have to be a large company to participate at all)
https://en.wikipedia.org/wiki/Single_Euro_Payments_Area
doesn't mean the EU had anything to do with the UK's domestic faster payments scheme
(SEPA is also euro only)
Earlier quoted context omitted.
It's not. Doing payment or wire transfer is not same as being a bank in most country, even to the customers
I have a bit more information than you on the topic. We provide bank accounts, this includes checking and savings in the US.
Earlier quoted context omitted.
U.S. banking is surprisingly far behind the curve, and hasn’t led the world from a tech or innovation perspective for many decades. The UK on the other hand has actively encouraged new banks and new tech. It’s had things like instant, free, payments between personal accounts for almost two decades. Contactless transactions for at least a decade, mobile banking for decades, and government mandated banking API for almo…
> The UK on the other hand has actively encouraged new banks and new tech. It’s had things like instant, free, payments between personal accounts for almost two decades. Contactless transactions for at least a decade, mobile banking for decades, and government mandated banking API for almost 5 years. I think most of those things are EU initiatives, which the UK was a member of at the time. At least we have all of the…
no, only the mandated banking API (which is impossible to get access to if you're a startup or an individual)
Earlier quoted context omitted.
The issue is always the same: traditional banking is frictionless, very cheap and convenient for 99.9% of people out there. Crypto isn't frictionless, it's not cheap and it solves problems that only the 0.1% has such as the need of transferring large amounts of "money", without tracing, in short times, across the globe but it undoes the benefits that the 99.9% has while bringing complexity. Plus, nobody really wants…
I'm tired of hearing the "works on my machine" line about banks. Here's a few issues I've run into in the last few years: - I dissolved a corporation in Korea and it took nearly 1.5 years and $8k USD in lawyer fees to get ~$80k USD out of the country. My other option would've been to go back to Korea and buy Rolexes. - I moved to an Eastern European country and spent several weeks providing KYC/AML docs after attempt…
This is the real problem: if you did the same transactions in Bitcoin, that doesn't free you from the KYC/AML obligations. It just hides the fact that you're not checking.
Earlier quoted context omitted.
> The UK on the other hand has actively encouraged new banks and new tech. It’s had things like instant, free, payments between personal accounts for almost two decades. Contactless transactions for at least a decade, mobile banking for decades, and government mandated banking API for almost 5 years. I think most of those things are EU initiatives, which the UK was a member of at the time. At least we have all of the…
> I think most of those things are EU initiatives no, only the mandated banking API (which is impossible to get access to if you're a startup or an individual)
What am I missing?
Earlier quoted context omitted.
U.S. banking is surprisingly far behind the curve, and hasn’t led the world from a tech or innovation perspective for many decades. The UK on the other hand has actively encouraged new banks and new tech. It’s had things like instant, free, payments between personal accounts for almost two decades. Contactless transactions for at least a decade, mobile banking for decades, and government mandated banking API for almo…
> The UK on the other hand has actively encouraged new banks and new tech. It’s had things like instant, free, payments between personal accounts for almost two decades. Contactless transactions for at least a decade, mobile banking for decades, and government mandated banking API for almost 5 years. I think most of those things are EU initiatives, which the UK was a member of at the time. At least we have all of the…
Having said that, Denmark is another notable country for its innovation financial systems, ahead of the U.S., many of its EU neighbours and in some areas ahead of the UK.
But the UK has always had a vibrant and innovative financial services sector. Something the EU always had a bit of love-hate relationship with, and something Brexit has seriously damaged.
Earlier quoted context omitted.
> I think most of those things are EU initiatives no, only the mandated banking API (which is impossible to get access to if you're a startup or an individual)
I thought we were talking about PSD2, which the European Parliament adopted in 2015. I recall many startups were launched specifically to capitalise on new opportunities provided by PSD2, so I find your comment confusing. What am I missing?
(the mostly useless open banking stuff is however due to PSD2)
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…
Of course it's an opinion. Anytime somebody says something, it's his/her opinion. My opinion, for example, is that I agree with his opinion :-) My solo-founder business would not have been possible without Clojure and ClojureScript, which is a testament to the "power" of this language. I consider it "powerful", because it lets a single developer write and maintain a complex app over the years. It gives me power.
…Really? Why?
Earlier quoted context omitted.
> The UK on the other hand has actively encouraged new banks and new tech. It’s had things like instant, free, payments between personal accounts for almost two decades. Contactless transactions for at least a decade, mobile banking for decades, and government mandated banking API for almost 5 years. I think most of those things are EU initiatives, which the UK was a member of at the time. At least we have all of the…
> I think most of those things are EU initiatives no, only the mandated banking API (which is impossible to get access to if you're a startup or an individual)
What do you mean it's impossible to get access to?
If you're a start-up wanting to share your customers' financial data, you can make an API.
If you're a start-up wanting to get access to your (potential) customers' financial data from other institutions, you can get access through one of the many providers (Tink, GoCardless etc), or become a provider yourself with enough work.