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Show HN: ThreadPay: WeTransfer for money – a medium for money transfers
Often cross-border bank transfers default to 3-5 business days, on the other side P2P fintechs need signup, KYC, and other steps. I built an app that eliminates the need to open an account or go through long verifications, allowing users to send money immediately.
How? Via Visa and Mastercard card-to-card real-time transfers, money can be sent straight to a card using the card number only, without the requirement for IBAN, Swift Code, or any extra routing data.
*Link to MVP*: [https://app.threadpay.io](https://app.threadpay.io/) https://app.threadpay.io](https://app.threadpay.io/)
*Link to Memo with demo recordings*: https://coda.io/@taulant-mehmeti/threadpay-memo https://coda.io/@taulant-mehmeti/threadpay-memo
*Link to Landing page*: [https://threadpay.io](https://threadpay.io/) https://threadpay.io](https://threadpay.io/)
- danskeren 2y agoLove the user experience but would be surprised if a website like this would be approved for Visa Direct/Mastercard Send.
- taulantmehmeti 2y agoThanks for the feedback. Right now finding a provider to facilitate transfers is the biggest challenge.
- savy91 2y agoIs it just a mock up and a landing page or is the MVP actually functional?
- taulantmehmeti 2y agoThe MVP is functional. However, only with test card data.
- ko3us 2y agoGreat concept. Have you done much thought to factor in AMLc CTF and money laundering laws?
- throwaway211 2y agoInteresting point, and how much falls between the issuer and the marketplace? For example, I could setup a fake product on ebay to facilitate payments to me. eBay shouldn't need to do CTF checks on this possibility.
- taulantmehmeti 2y agoThanks for the feedback. Because the user already has a card, it means it has been verified by the bank (AMLc, CTF, etc.), and the bank has the final say on each transaction. I based ThreadPay on the logic of "checkout as guest" when purchasing something online; in my case, you pay an individual rather than a merchant. According to security considerations, there are three layers: 1. The bank is the base layer. At any time, the bank may limit, suspend, or enforce any regulation on the user card. 2. The provider - Most payment providers, such as Stripe, have their own risk analysis products. 3. ThreadPay - based on the observation we will enforce our layer of security also. (We don’t have one at the moment)