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In 2009 I met some Israeli developers in Atlanta who were trying to get meetings with some of the banks in the area (there are a number of corporate bank office
by burnte 3y ago
In 2009 I met some Israeli developers in Atlanta who were trying to get meetings with some of the banks in the area (there are a number of corporate bank offices here for big banks) to hawk their direct payment system, which was exactly what Zelle is. I contracted with them and got them some meetings, I was basically a rent-a-laowai for them to get meetings here. I never heard what happened to them after that, and when Zelle came out, I was sad to see the exact same idea but from a totally different company.
But the core concept is digital cash, so you HAVE to treat it as such.
- deleted 3y ago[deleted]
- prepend 3y agoIt’s not a unique product and I worked for some bank startups in the early 2000s trying trying the thing. And really this was the original idea for PayPal, dwolla, and lots of other digital cash payment systems.
- burnte 3y agoWell, unlike PayPal with had been around for years, this was basically SWIFT for the US, which is kind of what Zelle is. From what I heard the big problem they faced was banks couldn't see how to monetize it.
- simfree 3y agoNearly all of which have pivoted from the free at point of use model since moving money for consumers at no cost is not often profitable.