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Dwolla Gets Into Government With Iowa Tax-Paying Plan
- killahpriest 14y agoStarbucks? I guess because you won't need the extra caffeine to get your taxes done?
- Ataub24 14y agoI think it was a pun and shot at Square and SBux deal. Not sure though...
- jusben1369 14y agoYes my sense was "SB is the onramp to payments acceptance by newer methods. But we have Iowa!"
- venomsnake 14y agoIs there any reason for the lack of IBAN style bank-bank transfers in the US, that make this kind of startups possible and needed?
- fluidcruft 14y agoWe have bank transfers. Generally, either or both sides of the transfer take the opportunity to inject an insultingly generous processing/service fee. These startups/services are only possible because they undercut these fees. Trust is another big reason to be judicious with bank transfers in the US (and where these services add value--I think they convert what the other party sees from being account-based to transaction-based). I'm not familiar with IBAN, but can someone drain your account if they get your IBAN?
- mseebach 14y ago> can someone drain your account if they get your IBAN? No. They are often printed on invoices and the websites of organisations you might want to send money.
- stuaxo 14y agoI'm pretty sure someone can only put money into your account. In general you go into your bank or banking website, give them the IBAN number you want to transfer to and then do the transfer. For personal accounts + transfers under about £10k it's in about an hour in the UK.
- venomsnake 14y agoNo. IBAN is one way only - you can only receive money. The IBAN is just country, bankid, account id + checksum all in one. There in no off by one possible or misplaced digit or two. When you need to send moneyyou need to just give the iban+name of the receiver. It clears in 24 hours and transfer fee are less than 1EURO.
- gst 14y agoYes - with your account number someone could theoretically drain your account using direct debit. In practice that never happens (and most people don't keep their account number a secret). In addition, even if it would happen you have more than plenty of time to reverse the transaction at your bank (which shouldn't involve any discussion or so with the bank). As for transactions themselves, unlike in the US where you can conduct ACH transactions in both directions (i.e., debiting another account) IBAN transactions are "sending only" (like email). And you typically also don't need to whitelist/add another account first (as in the case of ACH transactions), but just type the senders account number into the recipient field (again, like email). In Europe I never used any third party services, as IBAN transactions are usually free and the easiest thing to do. In the US it's usually easier to use something like Dwolla (or even checks!) if you want to send money to someone.
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- JimWillTri 14y agoNot sure why you would use Dwolla to pay state taxes. Most states allow ACH transfers.
- jusben1369 14y agoGreat news for Dwolla. Really impressed with Iowa too. When many of today's headlines are how dysfunctional and at odds CA state government is with their people here's a state going out if it's way to help advance local tech. The best way to create a competitive hub is to focus in on one vertical first and payments is a super large and smart one.