191–200 of 305 posts
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I guess credit and undos smooth over most of the problems.
Yes, that certainly helps a lot, but I'm pretty sure that would crumble under certain not-terribly-difficult-to-execute attacks. The happy fact of the matter is that the vast majority of actors in the economy seem to be pretty well-behaved. The scary thing is that the system seems to depend on this.
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> Our users are primarily financial technology companies. As a developer, I'd love to have some more information about the typical problems that inspired Increase's value proposition. If I was meeting with a financial tech CEO tomorrow, should I assume that they probably have these problems or need this service? Are there resources that I could peruse to learn more about these common problems?
Our users are financial technology companies. They build things like payroll, loan servicing, business payments, consumer payments, investment platforms, and neo-banks. When we built Stripe, one of the largest points of friction was getting a banking partner. It took months and only after signing were we even able to start assessing the technology. There are so many potential companies that simply don't make it past…
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Suggested breaking up the transfer to evade regs? Isn't that felony structuring? LOL
Not if you are doing legitimate transfers. I had to move money from trading account and had to do it over multiple days due to limits. It’s my money moving from one account to another. Zelle also doesn’t allow you to move more than certain amount. Probably for protection reasons.
=> https://www.mybanktracker.com/checking/faq/rules-deposit-100...
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Suggested breaking up the transfer to evade regs? Isn't that felony structuring? LOL
Not if you are doing legitimate transfers. I had to move money from trading account and had to do it over multiple days due to limits. It’s my money moving from one account to another. Zelle also doesn’t allow you to move more than certain amount. Probably for protection reasons.
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No good deed does unpunished.
I think this is one of the most unfortunate memes that people for some reason still continue to share. Think about what it teaches children when they hear it? What kind of a world view does it instill? By saying the phrase you are explicitly communicating the idea that it is (at least is some sense) better to not do good deeds.
It's really not that big of a deal. Smart kids will realise they're wading through a sea of bullshit and the rest are already predisposed to whatever bullshit pleases them.
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Yes, that certainly helps a lot, but I'm pretty sure that would crumble under certain not-terribly-difficult-to-execute attacks. The happy fact of the matter is that the vast majority of actors in the economy seem to be pretty well-behaved. The scary thing is that the system seems to depend on this.
I don't think that's specific to the economy. I think that's a succinct description of civilization.
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Yes, but when your script splits money into random amounts and puts things like "pizza money", "rent" and "happy birthday" into the reference field, across thousands of accounts, most of whom also have a real user doing real transactions intermingled, suddenly it gets a lot harder for the bank to filter. The bank typically has a rather simplistic set of rules to decide to investigate transactions (because they need t…
How do the launderers have access to thousands of accounts? And why wouldn't the actual owners of the accounts report the transactions?
> Anything that you can achieve with PDFs, presence, and persistence in a bank branch you can do with our API. Not sure how to take this. With a small tweak like "you can eventually do" I would let it pass without criticism. I work with bank cores, imaging, BSA and related middleware on a daily basis. The scope and complexity of these systems is incomprehensible to most. Many of our clients don't even try to think ab…
Traditional banks have literally decades of legacy to deal with which drags them down. Many neobanks have shown that it's possible to provide a better and cheaper service when you start from scratch. A few examples of features neobanks i use provide that traditional banks don't have - virtual cards on the fly, for free; SEPA Instant for free; Open API; smart dynamic budgeting and expense sharing.
For me it was buying a house and realizing that you must be able to wire money.
When the stakes were high, Varo failed me (they promised they could do it, but on the day I needed it they refused) and I had to scramble at my traditional bank to make the payment in time to avoid $20k on penalties.
Other than the most important transaction of my life, though, they've been great!
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I think they provide a backend so you can issue your own cards, with bank accounts routable through normal banking systems. Payoneer famously rely on third party "back-end" banks for their services, as they issue cards, offer routable bank accounts, cash withdrawal, etc. This is an extremely niche use case of course, but it's not the first time they popped up on HN at least. In mobile ISPs, MVNOs are quite common, an…
curl -X "POST" \ --url https://api.increase.com/check_transfers \ -H "Authorization: Bearer ${INCREASE_API_KEY}" \ -H "Content-Type: application/json" \ -d $'{ "account_id": "account0", "address_line1": "33 Liberty Street", "address_city": "New York", "address_state": "NY", "address_zip": "10045", "amount": 1000, "message": "Check payment", "recipient_name": "Ian Crease" }' Well it would certainly be nice if I can se…
...until you accidentally do it again when trying to re-invoke some other command from your command history.
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Not if you are doing legitimate transfers. I had to move money from trading account and had to do it over multiple days due to limits. It’s my money moving from one account to another. Zelle also doesn’t allow you to move more than certain amount. Probably for protection reasons.
INAL, but just to give one more example. If you're depositing >$10k cash into a bank, you (or your bank) have to report that to the IRS. If it's legally acquired, that's fine. However, breaking that same transition up into multiple transactions in order to avoid this reporting requirement is called "structuring," and it's a felony, even if the money was totally legitimate. => https://www.mybanktracker.com/checking/fa…
Moving $20k fully electronic (eg:ACH) doesn't have that requirement.
But lots of systems have limits based on risk windows.