Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking
1–10 of 39 posts
Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking
#2Zac and Dan know this space inside and out. I've dealt pretty extensively with Wells Fargo and I can tell you it is extraordinarily painful. These banks need all the help they can get.
Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking
#3I'm really interested in a service that allows you to:
a) transfer money between 2 bank accounts for a flat fee
b) allows you to debit a bank account w/o any verification or micro-deposits
Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking
#4This could potentially be huge!
I had a similar problem once, where my local bank couldn't provide enough functionality through their existing web banking system, so I ended up writing my own REST API for the bank based on screen scraping / HTML scraping. Terrible approach for something that involves money, but luckily this was read-only and only for proof of concept.
Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking
#5I'm really interested in a service that allows you to: a) transfer money between 2 bank accounts for a flat fee b) allows you to debit a bank account w/o any verification or micro-deposits
(I work on Standard Treasury)
The first one is definitely something that will happen once a bank partner of ours launches the white labeled service. Electronic checks (ACH) are usually a flat, several cents, fee.
Unfortunately, debits are likely going to require some sort of verification.
Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking
#6Sounds like what we need... a way to enable a payment from one of our customers to another. Not a wire, not a credit card transaction, can't require anything more than a regular bank account on both sides of the transaction.
Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking
#7I'm really interested in a service that allows you to: a) transfer money between 2 bank accounts for a flat fee b) allows you to debit a bank account w/o any verification or micro-deposits
[deleted]
Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking
#8This could potentially be huge! I had a similar problem once, where my local bank couldn't provide enough functionality through their existing web banking system, so I ended up writing my own REST API for the bank based on screen scraping / HTML scraping. Terrible approach for something that involves money, but luckily this was read-only and only for proof of concept.
(I work on Standard Treasury)
Screen and HTML scraping is pretty standard for getting information out of bank systems. That's even primarily what Yodlee does! It's a lot harder to work directly with the banks, but in the long-term it will allow us to offer REST APIs and web hooks that make a lot more sense.
Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking
#9I'm really interested in a service that allows you to: a) transfer money between 2 bank accounts for a flat fee b) allows you to debit a bank account w/o any verification or micro-deposits
(I work on Standard Treasury) The first one is definitely something that will happen once a bank partner of ours launches the white labeled service. Electronic checks (ACH) are usually a flat, several cents, fee. Unfortunately, debits are likely going to require some sort of verification.
I feel like you, ST, should be able to pass that liability to the company using the API. Maybe make them put $1mm in escrow or something.
I know of a few organizations that don't require verification for ACH debits.
Re: Standard Treasury (YC S13) Aims To Make Software That Eats Commercial Banking
#10Kimerling + Townsend = disrupting payments. These guys are great and think this solution is going to completely disrupt the world.