4 ms·

Here is where I hope/pray/etc BankSimple is going: I want a personal financial API for myself. If you want to bill me for something, you don't write down a bu

by blhack 15y ago

Here is where I hope/pray/etc BankSimple is going: I want a personal financial API for myself. If you want to bill me for something, you don't write down a bunch of text on a piece of paper, stick that inside of another piece of paper, and then pay somebody to put it through a slot in my door (along with all of the coupon mailers, prepaid credit card offers, and VOTE FOR ME! envelopes that I get), you call up blhack's financial API and request a payment from it. When this happens, I get an email, or an SMS, or whatever else telling me: "USBank has requested a payment of $347 from you. They have requested payment by October 20th, 2011 -- Note: Car Payment" or "City of Tempe has requested a payment of $60 from you. They have requested payment by October 8th, 2011 -- Note: Water Bill" etc. etc. I can log into BankSimple and approve these payment requests (just like paypal, except [hopefully] BankSimple makes it affordable for my city, or my auto loan provider to do use). It's an accountant for me. Except it's in one place, and it doesn't cost anything. There are companies that have tried this, and failed miserably, mostly because they appear to lack the technical expertise that something like BankSimple is bringing to the table. The banking system, right now, is a disaster. The things I'm describing are all possible right now, but they're an enormous pain in the ass to use. BankSimple: if you're not doing this, do it.

aquark 15y ago
I more or less get this functionality using Canada Post's ePost integration with my bank's web site, though the implementation could be a lot smoother. I don't get a paper tax bill from the City, I get a notification by email and when I log in and view the message there is a 'Pay bill' link right next to it. Would be nice if it defaulted to as late as possible. I don't know what it takes to sign up as a provider, but relatively few of the companies I regularly pay bills to (and don't use a pre-authorized payment) offer this solution.
jarek 15y ago
The problem would be getting all the people who want your money to use this specific new "API" thing. In a banking system where even wire transfers are considered fancy high tech, I wouldn't hold my breath.
- blhack 15y ago
  Here's a situation where I would like to see congress pass a law requiring something like this (not that they specifically have to use BankSimple, but that they have to use something like it). There are laws involving the mail that need to be updated. Mail is [should be] a dead technology.
- cookiecaper 15y ago
  A potential profit point would be providing the legacy compatibility, any necessary personnel, etc., for so cities and other slow movers can still use the old system to set up automatic withdrawals, but implementing a client-side control over each of these hooks into your accounts. BankSimple could charge $5/mo to allow you to use the personnel that will configure this manually while people hooked into the API will be able to register hooks for free. This could be done now by any major bank, but it isn't done because banks want you to unexpectedly lose money in hopes that you will overdraft. There are many, many problems in banking like this; not much technical overhead to solve, but the banks don't want to solve it because it stands to affect their predatory profits.
halvsjur 15y ago
Here in Norway, anyone asking for a recurring payment will offer either invoice by e-mail or a more automated eFaktura (electronic invoice). After the first payment to a party offering eFaktura, you'll get the option in your online bank service to start an eFaktura agreement with this company. Once you've done that, the invoices will be sent and paid for automatically (or when you choose). This system was created by a company jointly owned by all the banks in Norway and is thus supported by all of them.
- kalleboo 15y ago
  We have the same thing in Sweden, in addition to direct debit and being able to pay for things (while shopping online) instantly via your online banking instead of using your credit card. It all uses industry standards so that any bank or merchant can hook into it. The banks here also back an online ID system which has the same legal status as a signature, meaning you can sign up for various banking/insurance etc things online. The same ID system is also used to file taxes online. Whenever I read about banking in the U.S., it strikes me how incredibly outdated it is. Outside of the U.S. I don't think I've ever seen a paper cheque.
haberman 15y ago
I've had exactly this idea! It's sort of like a credit card, except a "swipe" just gives the merchant an end-point to send bills to. You still have to authorize each bill, but your bank could automatically pay any bills that you haven't contested by their due date (or whatever policy you prefer). I am TERRIBLE at paying bills on time, even though I always have the money to pay them. There's way too much diligence required.
- Periodic 15y ago
  I used to be terrible with these, until I sent up a lot of automatic payments. For the most part this is just logging into the various provider's websites and setting it up. The one I can't do this for is rent, so my bank has a bill-pay function that just sends our landlord a check for the rent every month. It has been very convenient and when he comes by and claims we didn't pay we can point out it was already mailed and he's the one who lost it (he is very disorganized).
  - haberman 15y ago
    Not all bills are periodic. For example, I've paid a lot of late parking ticket fees.
    - Periodic 15y ago
      I have missed paying a few parking tickets myself. I guess I don't think of non-recurring payments as bills. That is probably just due to the way the term is used in popular culture.
    - nickpinkston 15y ago
      Hear hear! If they did then in real time, I'd login that day - but their little day delay kills my memory - I almost wonder if it's on purpose...
- whatusername 15y ago
  Isn't that BPAY? http://www.bpay.com.au/tabid/62/Default.aspx http://www.bpay.com.au/tabid/62/Default.aspx It doesn't have the swipe features, but I think the rest is there.
nickpinkston 15y ago
Manilla does a good job of this - saved my ADHD ass a few times!
al3x 15y ago
(I'm a co-founder of BankSimple.) So, what you're talking about to the best of my understanding is the kind of billing systems that are popular outside of America but pretty underused here. Our CEO and CFO are both from outside the US, and our CEO in particular really prefers to pay his bills that way. It's definitely something we'll get to, but it's also not something that will be totally unique to us; like you said, it's possible today, just clunky. This technology is called "electronic bill presentment", if you're curious. Thanks for your thoughts! (Oh: an actual API is in the works, too.)
bruceboughton 15y ago
Sounds like you need Direct Debits: http://en.wikipedia.org/wiki/Direct_debit http://en.wikipedia.org/wiki/Direct_debit

by blhack 15y ago

aquark 15y ago

I more or less get this functionality using Canada Post's ePost integration with my bank's web site, though the implementation could be a lot smoother. I don't get a paper tax bill from the City, I get a notification by email and when I log in and view the message there is a 'Pay bill' link right next to it. Would be nice if it defaulted to as late as possible. I don't know what it takes to sign up as a provider, but relatively few of the companies I regularly pay bills to (and don't use a pre-authorized payment) offer this solution.

jarek 15y ago

The problem would be getting all the people who want your money to use this specific new "API" thing. In a banking system where even wire transfers are considered fancy high tech, I wouldn't hold my breath.

blhack 15y ago
Here's a situation where I would like to see congress pass a law requiring something like this (not that they specifically have to use BankSimple, but that they have to use something like it). There are laws involving the mail that need to be updated. Mail is [should be] a dead technology.
cookiecaper 15y ago
A potential profit point would be providing the legacy compatibility, any necessary personnel, etc., for so cities and other slow movers can still use the old system to set up automatic withdrawals, but implementing a client-side control over each of these hooks into your accounts. BankSimple could charge $5/mo to allow you to use the personnel that will configure this manually while people hooked into the API will be able to register hooks for free. This could be done now by any major bank, but it isn't done because banks want you to unexpectedly lose money in hopes that you will overdraft. There are many, many problems in banking like this; not much technical overhead to solve, but the banks don't want to solve it because it stands to affect their predatory profits.

halvsjur 15y ago

Here in Norway, anyone asking for a recurring payment will offer either invoice by e-mail or a more automated eFaktura (electronic invoice). After the first payment to a party offering eFaktura, you'll get the option in your online bank service to start an eFaktura agreement with this company. Once you've done that, the invoices will be sent and paid for automatically (or when you choose). This system was created by a company jointly owned by all the banks in Norway and is thus supported by all of them.

kalleboo 15y ago
We have the same thing in Sweden, in addition to direct debit and being able to pay for things (while shopping online) instantly via your online banking instead of using your credit card. It all uses industry standards so that any bank or merchant can hook into it. The banks here also back an online ID system which has the same legal status as a signature, meaning you can sign up for various banking/insurance etc things online. The same ID system is also used to file taxes online. Whenever I read about banking in the U.S., it strikes me how incredibly outdated it is. Outside of the U.S. I don't think I've ever seen a paper cheque.

haberman 15y ago

I've had exactly this idea! It's sort of like a credit card, except a "swipe" just gives the merchant an end-point to send bills to. You still have to authorize each bill, but your bank could automatically pay any bills that you haven't contested by their due date (or whatever policy you prefer). I am TERRIBLE at paying bills on time, even though I always have the money to pay them. There's way too much diligence required.

Periodic 15y ago
I used to be terrible with these, until I sent up a lot of automatic payments. For the most part this is just logging into the various provider's websites and setting it up. The one I can't do this for is rent, so my bank has a bill-pay function that just sends our landlord a check for the rent every month. It has been very convenient and when he comes by and claims we didn't pay we can point out it was already mailed and he's the one who lost it (he is very disorganized).
- haberman 15y ago
  Not all bills are periodic. For example, I've paid a lot of late parking ticket fees.
  - Periodic 15y ago
    I have missed paying a few parking tickets myself. I guess I don't think of non-recurring payments as bills. That is probably just due to the way the term is used in popular culture.
  - nickpinkston 15y ago
    Hear hear! If they did then in real time, I'd login that day - but their little day delay kills my memory - I almost wonder if it's on purpose...
whatusername 15y ago
Isn't that BPAY? http://www.bpay.com.au/tabid/62/Default.aspx http://www.bpay.com.au/tabid/62/Default.aspx It doesn't have the swipe features, but I think the rest is there.

nickpinkston 15y ago

Manilla does a good job of this - saved my ADHD ass a few times!

al3x 15y ago

(I'm a co-founder of BankSimple.) So, what you're talking about to the best of my understanding is the kind of billing systems that are popular outside of America but pretty underused here. Our CEO and CFO are both from outside the US, and our CEO in particular really prefers to pay his bills that way. It's definitely something we'll get to, but it's also not something that will be totally unique to us; like you said, it's possible today, just clunky. This technology is called "electronic bill presentment", if you're curious. Thanks for your thoughts! (Oh: an actual API is in the works, too.)

bruceboughton 15y ago

Sounds like you need Direct Debits: http://en.wikipedia.org/wiki/Direct_debit http://en.wikipedia.org/wiki/Direct_debit