Kind of unfortunate name - as soon as I saw "Fortress" I thought you were the buzzards trying to snap up 'Gox claims, and almost skipped this.
$1 Instant Wire Transfers 24/7
21–30 of 49 posts
Re: $1 Instant Wire Transfers 24/7
#22Running a trading company, I send and receive a lot of wires. When wiring a few times a year, the $30-$75/wire fee is annoying but doable. Since we send dozens a month, we rack up $1k+/mo just in fees. Tried switching banks and sending ACH’s / Zelles whenever possible. Nothing let us move large amounts quickly and cheaply. Why on earth does it cost so much and take so long to move my money? There’s got to be a better…
Can you explain how it works?
Let's say I'm in Germany and want to send money to US, doing it instantly is not possible with current Swift
But I could see how Fortress would have accounts in both Germany and US and then have a ledger that keeps track of it, money coming in in Germany, send money out in US, something like that?
Underlying tech then blockchain? Is it visible?
Re: $1 Instant Wire Transfers 24/7
#23Are you licensed in every state in the US? if not, it's against regulations to operate a money movement business without licensing by every state where you operate.
Secondly you need AML and other compliance.
Re: $1 Instant Wire Transfers 24/7
#24Looks awesome and I've already shown it to a few folks. I'd avoid the "military grade" encryption marketing part though. For a lot of people, "military grade" means lowest bidder.
there is no military grade. there is NSA Suite A and Suite B, and one of them doesn't even have any published specification
Re: $1 Instant Wire Transfers 24/7
#25Is it possible to learn how it actually works? Banks charge for wiring, so if you are still using bank how do you get around that? I assume that it's not actually doing a wire transfer.
Built on blockchain rails. Works like a 1-click bundle of debit sender account --> buy stablecoin --> send stablecoin --> (optionally) convert to fiat and disburse to receiver bank.
How can you do $1 per transfer if the off-ramps and crypto exchanges charge a percentage to withdraw to fiat? Unless you're using Circle which then requires you to be licensed in every state (unless their KYC failed)
Something not adding up here. Money movement (if you touch fiat on the way in or out) is highly regulated, and you would put Western Union and MoneyGram out of business if it wasn't. Moneygram already uses USDC, but it's not that simple.
Re: $1 Instant Wire Transfers 24/7
#26Earlier quoted context omitted.
Thanks! Fortress can also slot into legacy infrastructure. Finality guarantee is also actually stronger with a stablecoin payment (cryptographically irreversible) vs a wire (99.9% irreversible, absent a bank mistake or court order).
Fully backed stablecoins are redeemable from their issuer 1:1, regardless of what they're trading at on secondary markets
But Binance just stopped all USD withdrwals. Circle is the only other issuer and requires you being licensed in every state as an MSB, plus compliance. And the fact that there is nothing to it tecnologically speaking. The whole moat is in having regulatory approval.
Re: $1 Instant Wire Transfers 24/7
#27I don't understand quite how slow the American banking system is. In the UK we have had immediate money transfers between institutions for a long time now. Why hasn't the US ACH system provided a near real-time transfer service, and the rules put in place to adopt it? There is Zelles, but from what I understand, not everyone has adopted it plus it's a 3rd party so it would reduce visibility of dirty money transfers f…
Because.. ..money?
They can get away with being slow, and with overcharging for a transfer, so why not? The system they use can probably do an instant transfer at close-to-zero cost, but their "cartel" position means that they have no incentive to improve the current system. And if a "threat" comes from an exterior actor, they can a) use their influence to regulate it out, or b) lower their fees/accelerate the transfer process while "showing" how reactive they are..
Re: $1 Instant Wire Transfers 24/7
#28Looks awesome and I've already shown it to a few folks. I'd avoid the "military grade" encryption marketing part though. For a lot of people, "military grade" means lowest bidder.
Military grade is bullshit to me.
If I were ever writing a recommendation I would go with "industry standard" or "industry best practise" both almost equally meaningless. But still more valid, specially in financial system. As with standards you can't be blamed for doing it wrong.
Re: $1 Instant Wire Transfers 24/7
#29I don't understand quite how slow the American banking system is. In the UK we have had immediate money transfers between institutions for a long time now. Why hasn't the US ACH system provided a near real-time transfer service, and the rules put in place to adopt it? There is Zelles, but from what I understand, not everyone has adopted it plus it's a 3rd party so it would reduce visibility of dirty money transfers f…
Because.. ..money? They can get away with being slow, and with overcharging for a transfer, so why not? The system they use can probably do an instant transfer at close-to-zero cost, but their "cartel" position means that they have no incentive to improve the current system. And if a "threat" comes from an exterior actor, they can a) use their influence to regulate it out, or b) lower their fees/accelerate the transf…
Same day ACH appears to be a thing though.
https://www.nacha.org/rules/same-day-ach-moving-payments-fas...
So doing it but through another 3rd party doesn't make much sense. When the same system could be immediate or the destination takes a day or two, it's all a bit mad.
Does the US not have the same levels of competition that you see elsewhere? Surely a financial institution that can offer immediate money movement, or even overnight, would drive people to use that bank.
We have startup banks, like Starling, Monzo, Revolut who come up with some really neat ideas to differentiate.
Re: $1 Instant Wire Transfers 24/7
#30What the f? It costs 75 bucks to do a wire transfer in the US?
I pay 4 pounds per SWIFT transfer, and I thought THAT was a ripoff...