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It's a way to transfer money bank to bank exactly like cash - it's able to use security algorithms to determine whether the funds being transferred are "good fu
by tomasien 13y ago
It's a way to transfer money bank to bank exactly like cash - it's able to use security algorithms to determine whether the funds being transferred are "good funds" or not, and it doesn't require to know their bank account information, just their online banking credentials.
It overcomes the two major hurdles that have traditionally existed - convenience and security of the merchant to know the funds will actually be there.
- alexwright 13y agoSo I'm guessing the application logs into a user's online banking interface? Or is there some WS API the banks are making available?
- tomasien 13y agoKind of, there's absolutely no standard way of doing it, you have to do it bank by bank, that's been our challenge but we're up to 70% inclusion! It's the same way Mint works, except we have to do a ton of other stuff to be compliant and to get the information we need.