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Increase: Banking API

increase.com

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Re: Increase: Banking API

#301

Post by monocasa »

nulbyte wrote: post #189
monocasa wrote: post #150

Earlier quoted context omitted.

The IRS doesn't seem to make a distinction, calling out bank transfers by bank customers explicitly in it's structuring regulations: https://www.irs.gov/irm/part4/irm_04-026-013

Check the definition at 4.26.13.3.1. The third element of structuring is conducting a transaction in currency, and the last element is for the purpose of evading specific reporting requirements, where each of those reporting requirements involve transactions in currency. This is from the Bank Secrecy Act. The other type of transaction they mention in 4.16.13.4 also involves cash payments in the course of a trade or b…

The defintion in 4.26.13.3(1)(f) makes it clear that it covers the evading the "Recordkeeping requirements for transmittal of funds at $3,000 and above, additional records to be made by a dealer in foreign exchange at $1,000 and above, and records to be made by casinos and card clubs" as well.

Re: Increase: Banking API

#302

Post by cyclotron3k »

scrollaway wrote: post #153
cyclotron3k wrote: post #151

Earlier quoted context omitted.

Teller ( https://teller.io/ ) is another one I noticed a few years ago. Seems very similar.

No, Teller is more of a competitor to Plaid ( https://plaid.com/ ). Plaid offers an API to perform a variety of actions with existing banks, and charges through the wazoo for it as a middleware. Column is an actual bank, and offers exhaustive developer-first APIs. I suspect you can do a lot of things with them you cannot do with Plaid, and at highly reduced cost comparatively. Increase doesn't seem to be a bank but i…

Sorry, yes, I was trying to say Teller is similar to Increase, not Column.

Re: Increase: Banking API

#303

Post by gremlinsinc »

darraghbuckley wrote: post #19

Thanks @op! Increase employee here: We're early days and not quite ready for open sign-ups yet (sorry, known bug). We'll be more public over the coming weeks and months. We're banking for developers; you can programatically create accounts, cards, and move money. Our users are primarily financial technology companies. We're a small team from Stripe, Robinhood, and Visa building the bank we always wanted. If this soun…

Could a solo dev, using your platform, basically roll their own Sofi competitor? Minus the investing bits?

Or something like credit karma has?

Do you need a large amount of money upfront?

Re: Increase: Banking API

#305

Post by searchableguy »

bob1029 wrote: post #277
searchableguy wrote: post #233

Earlier quoted context omitted.

Plaid founder's new startup column is building a bank from scratch for developers. https://column.com/

This is still just a fancy rebranding of an old bank: https://www.norcalbank.com/ Their FDIC charter was issued in 2006.

I think they actually bought the bank this time around to use the license. I may be wrong though.
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