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Mondo CTO here. Good question, thanks. It's "full stack" in the banking industry sense, not the "full stack web developer" sense. Most challenger banks don't p
by jhuckestein 11y ago
Mondo CTO here. Good question, thanks. It's "full stack" in the banking industry sense, not the "full stack web developer" sense.
Most challenger banks don't pursue a banking license and have to work with an existing licensed bank. This means they are constrained by their processes and legacy technology (think cobol on mainframes). We don't have those problems because we own the full "stack", from the user interface and the connectivity to the payment schemes all the way down to holding the actual funds with the central bank.
- shassinger 11y agoI'd love to see an OSI-style diagram of the banking stack
- tomblomfield 11y agoJack Gavigan took a shot at a high-level picture a year or two ago - http://jackgavigan.com/2014/04/14/disruptive-bank/ http://jackgavigan.com/2014/04/14/disruptive-bank/ And Microsoft publish a "reference architecture" - http://download.microsoft.com/download/C/5/F/C5FCCA52-1056-427B-B29C-9F00A28180C5/Microsoft%20Industry%20Reference%20Architecture%20for%20Banking%20-%20May%202012.pdf http://download.microsoft.com/download/C/5/F/C5FCCA52-1056-4...
- pjc50 11y agoLong ago in the late 90s I was an intern in a financial software company. I was told a number of tales and legends, including that one of the major British clearing banks still operated internally in pounds,shillings&pence behind a conversion layer. I wonder how true that was.
- jln 11y agoIt's true, though no-one seems willing to name the offending bank in print. Example: http://www.ft.com/cms/s/0/5d1b0346-2af8-11dd-a7fc-000077b07658.html http://www.ft.com/cms/s/0/5d1b0346-2af8-11dd-a7fc-000077b076...
- contingencies 11y agoHi CTO, are you aware that right now you ask people for their email address, but the page to which the form directs 404's with a picture of a monkey? Not ultra professional when attempting to convince people you are a trustworthy finance business they should give all their money to.
- jhuckestein 11y agoThanks for the report. We're using a service called Mailchimp (hence the monkey) for mailing list management and their subscription API seems to fail in about 2% of cases. Would love to hear more details if you can reproduce the issue.
- contingencies 11y agoIt's mystically working now. Previously it reliably failed.