If only we could store financial data on a globally distributed immutable ledger with strong cryptographic guarantees.
Open Banking and Payments Competition
21–30 of 96 posts
Re: Open Banking and Payments Competition
#22Earlier quoted context omitted.
Crypto and blockchain by itself does not solve any of these problems. It's merely a payments system that happens to be on a computer natively. There's nothing technical preventing banks from getting together and making Open Banking a well-supported thing like they're supposed to be doing; it's all just code and contracts in the end. It's not that they can't , it's that they won't , and they won't for business and pol…
The idea that I’d need anybody’s permission or a regulation to allow me to give my money to somebody else is the problem.
You still can - make a wire transfer or give them cash. Or what is your actual problem?
Re: Open Banking and Payments Competition
#23Earlier quoted context omitted.
I feel you, that’s why I’m my own bank.
What does it mean that you are your won bank? Do you treat your matrass like a bank? Maybe with the pidgin carrier protocol to do money transfers?
I use a decentralized global ledger and can make instantaneous peer to peer payments to anyone on the planet. I'm not just my own bank, I participate in a system that replaces central banks and provides a money that isn't constantly devalued. It's called bitcoin.
Re: Open Banking and Payments Competition
#24Earlier quoted context omitted.
The idea that I’d need anybody’s permission or a regulation to allow me to give my money to somebody else is the problem.
You still can - make a wire transfer or give them cash. Or what is your actual problem?
My actual problem is that the central bank devalues the money I earned. I'm glad to hear that the financial system works for you, and that you have zero problems making transactions to anybody on the planet. That's not true for a lot of people.
Re: Open Banking and Payments Competition
#25I just want to easily pull bank/card transactions into my budget app, and the glacial pace of open banking really annoys me. The pace in Canada has been just as slow, although we have Interac for direct person to person transfers already so I'm not sure how much the issue of direct payments applies there. It's really just f**ing ridiculous that some of the earliest and most important digital systems we have are allow…
I tried to do something similar not too long ago. At the time I was using ledger for personal accounting. Ledger is amazing and incredibly flexible. Writing the journals with detailed financial data is way too time consuming though. I tried to write software to pull this data from the banks. Got in touch with the managers at my bank and everything, they even referred me to their devs. I just needed read only access t…
If you're in the EU it might be worth checking out if TrueLayer support your bank.
Re: Open Banking and Payments Competition
#26Remember the Synapse/Yotta/Evolve collapse.[1] That is what happens when a fintech startup has authority to manipulate customer bank accounts but is not financially strong enough to handle problems. [1] https://apnews.com/article/synapse-evolve-bank-fintech-accou...
To be clear, the Synapse case is not clearly a financial strength issue in the sense that they took risks with customer funds, but rather an extremely serious record keeping/accounting/auditing one. Synapse was supposed to be nothing more than a "dumb pipe" between customers, fintechs, and underlying traditional bank accounts.
Re: Open Banking and Payments Competition
#27Re: Open Banking and Payments Competition
#28HN darling but ... thumbs down. Seemingly no insight. Long read (skipped most). IMHO largely valueless opine and supposition. I think we already know bankers bank, corporations can't innovate, and regulations are abused for protectionism.
I had a funny chat in the 90s with soneone in charge of a bank. The thing was, they wanted me to supply a business plan. I know how to write those but find it mysterious that they want me to write it for all completely unorriginal businesses. If one wants to start a shoe store one should simply investigate the demography and map the varous shoe stores nearby. The bank is in a position to do that cheaply for their ent…
The bank isn't so interested in whether it's a good idea to open a shoe store or not, but in whether you as the person asking for lending has the skillset to actually execute on that plan. Asking the person who wants lending to write the plan is the easiest way to check this.
Re: Open Banking and Payments Competition
#29I just want to easily pull bank/card transactions into my budget app, and the glacial pace of open banking really annoys me. The pace in Canada has been just as slow, although we have Interac for direct person to person transfers already so I'm not sure how much the issue of direct payments applies there. It's really just f**ing ridiculous that some of the earliest and most important digital systems we have are allow…
I tried to do something similar not too long ago. At the time I was using ledger for personal accounting. Ledger is amazing and incredibly flexible. Writing the journals with detailed financial data is way too time consuming though. I tried to write software to pull this data from the banks. Got in touch with the managers at my bank and everything, they even referred me to their devs. I just needed read only access t…
^ this.
"Open Banking" is just… not open at all. Misleading name.
Had similar idea - just to pull my own data, tag transactions, etc etc, and have a nice stats. Nope, it is so "open" that it's just impossible to pass for single-user idea. "Open Banking" just gives me opportunity to show in my Bank A part of data from Bank B.
Re: Open Banking and Payments Competition
#30The entire banking industry is the most backwards, outdated and barely functioning sector in the whole world. I have no clue how we have not yet collapsed the financial system via some hack or basic data loss.