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Increase: Banking API

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Re: Increase: Banking API

#291

Post by yboris »

denkmoon wrote: post #195
yboris wrote: post #90

Earlier quoted context omitted.

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.

and there are people out there telling kids that "good vibes" will make the "universe" "reward them". 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.

But why would you want the stupid kids get infected with shitty memes? You're the one choosing which memes (mind viruses) to propagate.

Re: Increase: Banking API

#292

Post by chocolatkey »

mousetree wrote: post #280
chocolatkey wrote: post #204

Earlier quoted context omitted.

I think the difference is that the freelancers in our business can be paid very different amounts in a month, from ~$10-5000 in range. Deel is probably fine for you with what you're paying freelancers with its price, but imagine we have a freelancer only do, let's say, $30 worth of work in a month. Deel's cheapest plan is $49/mo. That is more than we're paying the FL! If you're paying the FL e.g. $3000/mo it's worth…

Have you looked at Upwork? We pay some of our offshore Customer Service people through Upwork. I'm not directly involved in that but presumably the economics work as their hourly rates are between $5-$15 per hour.

I think I wasn't clear enough in my initial post, but we personally reach out to and recruit and manage the freelancers ourselves, not through a jobs platform. Our business needs very specialized people you can't really find on Upwork

Re: Increase: Banking API

#293

Post by [deleted] »

chocolatkey wrote: post #206
toomuchtodo wrote: post #108

Earlier quoted context omitted.

Is TransferWise an option?

I'm considering it for foreign payments, but what I'm looking for is really a good API for ACH, Wire etc. because different freelancers want to use different payment methods. Honestly if Mercury (which we have an account with) would just let us do International Wires through their API it would already make life easier, but for whatever reason they only condone ACH transfers through their API (even though the web UI u…

[deleted]

Re: Increase: Banking API

#294

Post by spydum »

jonathanyc wrote: post #216
spydum wrote: post #111

Earlier quoted context omitted.

so, treasury management systems exist for big corps (FIS, FIServe, GTreasury, etc), and some banks do have legit apis for cash flow mgmt (payments transfers etc). i think problem is most dont want the hassle of supporting it for consumers.

> some banks do have legit apis for cash flow mgmt (payments transfers etc) I'm interested in learning more about this. Do you have an example of a bank with a cash flow management API I could take a look at?

here's jpmorgans own api: https://www.jpmorgan.com/solutions/treasury-payments/insight...

and the developer portal:

https://developer.jpmorgan.com/

Other big corp banks have similars. A lot of these TMS platforms just integrate into these banks APIs and ERP systems (Oracle Cloud, SAP, etc) and glue workflows together.

Re: Increase: Banking API

#295

Post by yellowapple »

oogetyboogety wrote: post #229
yellowapple wrote: post #212

Earlier quoted context omitted.

This is why every time I send money via Venmo I label it "drugs" (or a specific drug, like "pure Colombian cocaine" or "crystal meth").

I think the IRL version of this is buying cocaine, rubbing it over all yor cash, and then using it as your cash without actually using the cocaine. It'll def just be ignored, as it's on a high percentage of notes[1] for any transaction anyways [2]. Banks use ml scoring algorithms and im not sure mentioning cocaine in notes for a RTP/The Clearing House transaction would actually go unnoticed. [1] https://en.wikipedia.…

> It'll def just be ignored, as it's on a high percentage of notes[1] for any transaction anyways [2].

Cops have used cocaine residue as "cause" to rob people of cash: https://www.youtube.com/watch?v=MkeS_0NQUZs

Re: Increase: Banking API

#296

Post by shaburn »

lmz wrote: post #273
shaburn wrote: post #159

Earlier quoted context omitted.

So non-US actors will have access to what banking data and source code?

Do you really think your US banks have no overseas operations / outsourcing centers?

These will be increasingly attacked politically as the extent of identity and fraud on cloud become more common knowledge.

Re: Increase: Banking API

#297

Post by shaburn »

Nextgrid wrote: post #247
shaburn wrote: post #159

Earlier quoted context omitted.

So non-US actors will have access to what banking data and source code?

What’s the problem with that? If non-US actors wanted to wreak havoc in the country there are much lower hanging fruits (that would also provide better “returns” on investment) than infiltrating a banking startup.

But few as thoroughly regulated. Wait until the regulators fall off of influence from those capitalizing on the outsourcing take. See PPP as an example of the system turning to new ventures to actually get anything done and the zenith of offshoring in general.

Re: Increase: Banking API

#298

Post by Dave3of5 »

KptMarchewa wrote: post #285
Dave3of5 wrote: post #271

Earlier quoted context omitted.

> I don’t see how splitting to 1000 transactions and sending money to yourself helps with money laundering or undercover money sending Banks rely on a fixed set of rules to trigger an investigation for money laundering. One of these rules is the value of the transaction. I worked in retail whilst at Uni in the UK and we often had people who had lot's of money in their accounts unable to make large purchases due to th…

>Banks rely on a fixed set of rules to trigger an investigation for money laundering. Mostly, yes. But there are hundreds of those rules. >One of these rules is the value of the transaction. That happened, but I doubt that is the most important rule now. From what I've seen in my experience way bigger focus total value of transactions compared to various metrics. Very large number of transactions on personal accounts…

Yes you are correct there are many rules I can't list them all here. The point is they are fixed rules and one is transaction amount.

> Very large number of transactions on personal accounts is also one of those rules.

Yes I suspect 1000's of trx on the accounts is what flag the whole thing to the bank.

> That sounds like fraud, not money laundering rule.

You have to take what I've said in context with the whole comment and not take a single part out of context.

As I said for money laundering you'll get consistent large transactions that don't make sense (say £250k each week from a pizza shop). Banks already know how to spot these large weird transactions so a method to hide them is to split them down into smaller transactions. My example with paying the kitchen was to show that the banks wouldn't notice the £500 transactions rather than the single £5000 transaction.

Re: Increase: Banking API

#299

Post by ronakdesai »

chocolatkey wrote: post #32
sv123 wrote: post #8

Looks cool, but having trouble wrapping my head around a potential use case for this.

I have a real-life scenario that applies to my business: we employee 50+ freelancers ee pay every month. I dread when it comes time to pay them, because I have to log into multiple bank account and manually send each transfer using clunky web UIs. I am just copy-pasting all this data from a spreadsheet where it's already been verified. If I could automate payments to a sizeable portion of the freelancers, it would sa…

Check out mallo.io or feel free to email me ronak [at] mallo.io

Re: Increase: Banking API

#300

Post by jonathanyc »

spydum wrote: post #294
jonathanyc wrote: post #216

Earlier quoted context omitted.

> some banks do have legit apis for cash flow mgmt (payments transfers etc) I'm interested in learning more about this. Do you have an example of a bank with a cash flow management API I could take a look at?

here's jpmorgans own api: https://www.jpmorgan.com/solutions/treasury-payments/insight... and the developer portal: https://developer.jpmorgan.com/ Other big corp banks have similars. A lot of these TMS platforms just integrate into these banks APIs and ERP systems (Oracle Cloud, SAP, etc) and glue workflows together.

Thanks! Just learning about this stuff now, really appreciate it.
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