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awesome, what do you think about the programmable features?

fiiv 8y ago
I think it's a nice idea, but I think I am unsure as to what exactly your product does. It seems you issue IBANs on-demand and manage the accounts behind them, so you're essentially an API-driven bank? And with events you allow people to for example tie certain programmatic functionality to things like when money is deposited, correct? I think there's a lot of potential for an idea like this but I am just wondering about some of these details.
- EthWarrior 8y ago
  Aave Pocket basically allows to add IBAN accounts and virtual debit cards to applications. In other words, the platform can have own IBAN account, the application might have another IBAN account or even there might be use-case or even transaction specific IBAN accounts. For example, micropayments platform might have their own IBAN account for fee collection and create for each task a task-specific IBAN account and even allow end-users to create their own personal IBAN accounts (which can be managed within the application on within any application that is part of the Aave Pocket network). In the above example, end-user might create own IBAN account and after creating a task, an account is issued to the end-user's project and upon finishing the task, the task specific account deducts the platform fee and send the rest of the payments to the freelancer. Due to the reason that all these participants are in the same settlement network, credit/ debit card fees are avoided, which is suitable for the above example. Actually, what Aave Pocket is concretising is that when funds are transferred from one e-money account to another, it is simply a change in the database. By capturing online merchants/platforms and their end-users in to the same payments systems, lot of fees are avoided. For the end-user it also means a leapfrog in the user experience, since currently challenger banks are focusing on providing mobile experience, whereas Aave Pocket is taking banking where users are spending or earning. I.e. I can manage my IBAN account in platforms, Online Stores or any where where the Aave Pocket is integrated. It is interesting to see how consumers would feel about paying bills from Netflix-like services or even Hackernews (for example).

fiiv 8y ago

I think it's a nice idea, but I think I am unsure as to what exactly your product does. It seems you issue IBANs on-demand and manage the accounts behind them, so you're essentially an API-driven bank? And with events you allow people to for example tie certain programmatic functionality to things like when money is deposited, correct? I think there's a lot of potential for an idea like this but I am just wondering about some of these details.

EthWarrior 8y ago
Aave Pocket basically allows to add IBAN accounts and virtual debit cards to applications. In other words, the platform can have own IBAN account, the application might have another IBAN account or even there might be use-case or even transaction specific IBAN accounts. For example, micropayments platform might have their own IBAN account for fee collection and create for each task a task-specific IBAN account and even allow end-users to create their own personal IBAN accounts (which can be managed within the application on within any application that is part of the Aave Pocket network). In the above example, end-user might create own IBAN account and after creating a task, an account is issued to the end-user's project and upon finishing the task, the task specific account deducts the platform fee and send the rest of the payments to the freelancer. Due to the reason that all these participants are in the same settlement network, credit/ debit card fees are avoided, which is suitable for the above example. Actually, what Aave Pocket is concretising is that when funds are transferred from one e-money account to another, it is simply a change in the database. By capturing online merchants/platforms and their end-users in to the same payments systems, lot of fees are avoided. For the end-user it also means a leapfrog in the user experience, since currently challenger banks are focusing on providing mobile experience, whereas Aave Pocket is taking banking where users are spending or earning. I.e. I can manage my IBAN account in platforms, Online Stores or any where where the Aave Pocket is integrated. It is interesting to see how consumers would feel about paying bills from Netflix-like services or even Hackernews (for example).